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Friday, November 20, 2009
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Finra fined Morgan Stanley $90K for unfair trading practices
Morgan Stanley has agreed to pay a $90,000 fine to the Financial Industry Regulatory Authority Inc. to settle charges that it traded municipal bonds at unfair prices.
The fine covered 11 corporate-bond trades and three municipal-securities trades made in 2003. Markups or markdowns listed in Finra's complaint ranged from 5.25% to 24.3%. In addition to paying the fine, Morgan Stanley agreed to make restitutions to investors totaling nearly $41,000. Morgan Stanley agreed to the settlement without admitting or denying the findings. The settlement was reached with Finra in August, but it was not announced by Finra until mid-October. “We don't comment on regulatory matters,” said Eric Grossman, managing director at Morgan Stanley, when asked about the Finra fine.
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