Morgan Stanley slapped with $5M fine over 83 IPOs

|About: Morgan Stanley (MS)|By:, SA News Editor

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.