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Morgan Stanley To Pay $7M Over FINRA Charges

Law360 (March 25, 2009, 12:00 AM EDT) -- Morgan Stanley & Co. will fork out more than $7 million to settle charges by the Financial Industry Regulatory Authority that it failed to supervise two brokers who persuaded employees at Xerox Corp. and Eastman Kodak Co. to take early retirement and invest their savings with them.

FINRA charged one of the two Morgan Stanley brokers in a formal disciplinary complaint, permanently barred the other from the securities industry and suspended their former supervisor, the regulator said Wednesday. All three worked at Morgan Stanley's Rochester, N.Y.,...
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