Morgan Stanley will pay $249 million to settle criminal, SEC block trade probes
Publishing timestamp: 2024-01-12 11:55:47
Summary
Morgan Stanley has agreed to pay $249 million to settle a criminal investigation and related SEC probe regarding the unauthorized disclosure of block trades to investors by two employees. The bank generated over $100 million in illicit profits as a result of the misconduct. Morgan Stanley entered into a non-prosecution agreement, while one of the employees got a deferred prosecution agreement. The settlement requires Morgan Stanley to cooperate with U.S. authorities for at least three years. The SEC charged Morgan Stanley with failing to enforce policies concerning the misuse of material non-public information.
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Keywords: politics, corruption, business, united states, morgan stanley, products and services, breaking news: politics, banks, breaking news: markets, crime, laws, gary gensler, new york, markets, business news,
Source: https://www.cnbc.com/2024/01/12/morgan-stanley-will-pay-millions-settle-sec-block-trade-probe.html