Morgan Stanley Fined $2.9M For Rule Violations

Law360, New York (September 5, 2006, 12:00 AM EDT) -- Widespread reporting problems at Morgan Stanley & Co. Inc. and Morgan Stanley DW Inc. have prompted the National Association of Securities Dealers to fine the firms $2.9 million and order them to begin immediately correcting the deficiencies.

An investigation by the NASD revealed violations of several NASD and U.S. Securities and Exchange Commission rules, as well as deficiencies in reporting obligations, best execution and short sales.

The regulatory organization found that between 1999 and 2006, the firms violated a series of rules regarding the Order Audit...
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