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FINRA Cuts Its Teeth On $6.1M Morgan Stanley Fine

Law360 (August 3, 2007, 12:00 AM EDT) -- Morgan Stanley & Co. Inc. was hit Friday with $6.1 million in fines by the newly minted Financial Industry Regulatory Authority as part of its settlement of allegations that the financial heavyweight charged customers exorbitant rates for corporate bonds.

That $6.1 million figure allows for a $1.5 million penalty and $4.6 million in restitution to customers for the company's alleged rule violations, which included marking up 2,800 bonds transactions to excessive levels and failing to monitor the violations or enforce FINRA's rules properly.

According to FINRA,...
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