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SEC Fines Morgan Stanley $3.6M for Failing to Protect Client Funds

The SEC finds that they failed to have reasonably designed policies and procedures in place to prevent its advisory representatives from misusing or misappropriating funds from client accounts.

  1. Approximately $7 million was misused or misappropriated out of 4 advisory clients’ accounts in approximately 110 unauthorized transactions occurring over a period of nearly a year.

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