Morgan Stanley pays $7.5M to settle SEC charges
The SEC has announced that Morgan Stanley & Co. LLC has agreed to pay $7.5 million to settle charges it used trades involving customer cash to lower the firm’s borrowing costs in violation of the SEC’s Customer Protection Rule. The Customer Protection Rule is intended to safeguard customers’ cash and securities so that they can be promptly returned should the broker-dealer fail. The SEC order finds that from March 2013 to May 2015, Morgan Stanley’s U.S. broker-dealer used transactions with an affiliate to reduce the amount it was required to deposit in its customer reserve account. According to the order, the transactions violated the Customer Protection Rule, which prohibits broker-dealers from using affiliates to reduce their customer reserve account deposit requirements.
presented by Deborah Crawford
presented by John Burnett, Andy Zavoina
presented by Genny Wenta, Rayleen Pirnie
Recognizing Money Laundering and Suspicious Activity
Annual training on robbery response
Recognizing and Avoiding Fraud Before it Occurs