|
How To Make $1.8 million By Doing Almost Nothing
|
|
November 19, 2011 @ 8:14 am |
In a curious case of absent oversight, Morgan Stanley Investment Management has been fined $1.5 million by the Securities and Exchange Commission (SEC) for improperly charging a fund it manages for investment advisory services that were never performed.
Morgan Stanley Investment Management is a wholly owned subsidiary of Morgan Stanley. From 1996 to 2007, it charged The Malaysia Fund Inc. about $1.845 million pursuant to a research and advisory agreement with AMMB Consultant Sendirian Berhad. Under the agreement, AMMB was supposed to provide advice, research, and assistance to...
Read Full Article
|
|
To Fight Fraud, FINRA Urges Members to Enhance Supervision Regarding Senior Citizens
|
|
November 17, 2011 @ 9:06 am |
The Financial Industry Regulatory Authority (FINRA) issued a regulatory notice this month that contained the results of a survey of retail broker-dealer firms regarding the use and oversight of senior designations in an effort to better understand their approach to a vulnerable segment of the population.
One area of particular focus was the use of certifications and designations that imply expertise, certification, training or specialty in advising senior investors.
Vulnerable c...
Read Full Article
|
|
SEC Filed Record Number of Enforcement Actions in Fiscal Year 2011
|
|
November 14, 2011 @ 3:13 pm |
The Securities and Exchange Commission, or SEC, announced last week that it filed a record 735 enforcement actions in the fiscal year that ended Sept. 30.
The enforcement actions often involved highly complex financial products and transactions. They also dealt with market practices, including those related to the 2007 to 2008 financial crisis, according to information released by the SEC. Insider trading also led to numerous actions.
In fact, more enforcement actions were instigated in fiscal year 2011 t...
Read Full Article
|
|
Morgan Stanley Fined $1 Million for Excessive Markups and Markdowns and Failure to Supervise
|
|
November 11, 2011 @ 11:03 am |
Morgan Stanley & Co. Inc., and its subsidiary Morgan Stanley Smith Barney LLC, have been fined $1 million and censured by the Financial Industry Regulatory Authority, or FINRA, for excessive markups and markdowns that were charged to customers on corporate and municipal bond transactions.
The firm was also ordered to $371,475 in restitution plus interest to the customers.
In addition, FINRA found that Morgan Stanley’s supervisory system was not reasonably designed to achieve compliance with securities laws and regul...
Read Full Article
|
|
|
 RSS Subscription
|
How to Be the Family CFO
|
The Future of Hedge Fund Investing: A Regulatory and Structural Solution for a Fallen Industry (Wiley Finance)
|
|
