Seeking Alpha

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.
Comments (2)
  • StepUp
    , contributor
    Comments (426) | Send Message
    They will pay that with change from between the couch cushions.
    6 May, 02:12 PM Reply Like
  • rdullom
    , contributor
    Comments (16) | Send Message
    Sounds like the Finra just needed another $5mm for their budget. This clearly is a joke.
    6 May, 03:58 PM Reply Like
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