Morgan Stanley Settles SEC Advisory Fee Claims For $3M

Law360, New York (November 16, 2011, 4:19 PM EST) -- Morgan Stanley on Wednesday agreed to pay more than $3.3 million to resolve a U.S. Securities and Exchange Commission enforcement action accusing it of repeatedly charging a fund and its investors for advisory services they did not actually receive.

The SEC simultaneously filed the administrative proceedings and announced the settlement, under which the company agreed to repay the fund $1.8 million and to pay a $1.5 million penalty. The company neither admitted nor denied the SEC's findings, but agreed to a censure, according to an SEC...
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