Morgan Stanley Fined $1M In FINRA Bond Price Action

Law360, New York (August 22, 2013, 11:47 AM EDT) -- Morgan Stanley Smith Barney LLC has agreed to pay $1 million to settle allegations by the Financial Industry Regulatory Authority that it failed to provide customers with the best prices on corporate and municipal bonds, the regulator said Thursday.

Morgan Stanley and a subsidiary, Morgan Stanley & Co., were also ordered to pay $188,000 in restitution. FINRA said the firm failed to conduct due diligence to ensure that the purchase and sale price for 281 transactions — 116 involving corporate and agency bonds, and 165 involving...
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