Morgan Stanley slapped with $5M fine over 83 IPOs


Finra fined Morgan Stanley (MS -2.4%) $5M over charges the bank failed to provide adequate training to staff on 83 IPOs including Facebook and Yelp between Feb 16, 2012 to May 1, 2013.

Finra says Morgan Stanley wealth management division staff failed to differentiate between two types of nonbinding offers, i.e., “indications of interest” and “conditional offers”.

MS neither admitted nor denied the charges.

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Comments (2)
  • StepUp
    , contributor
    Comments (548) | Send Message
     
    They will pay that with change from between the couch cushions.
    6 May 2014, 02:12 PM Reply Like
  • rdullom
    , contributor
    Comments (17) | Send Message
     
    Sounds like the Finra just needed another $5mm for their budget. This clearly is a joke.
    6 May 2014, 03:58 PM Reply Like
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