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SEC hits Morgan Stanley with $13 million fine

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SEC hits Morgan Stanley with $13 million fine

SEC hits Morgan Stanley with $13 million fine*/

– The Securities and Exchange Commission said on Friday that Morgan Stanley agreed to pay a $13 million penalty to settle charges that it overbilled investment advisory clients due to coding and other billing system errors.The firm also violated the custody rule pertaining to annual surprise examinations.Morgan Stanley overcharged more than 149,000 advisory clients because it failed to adopt and implement compliance policies and procedures reasonably designed to ensure that clients were billed accurately according to the terms of their advisory agreements, according to the SEC’s order.
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Morgan Stanley to pay $13 million for overbilling clients, SEC says

Morgan Stanley to pay $13 million for overbilling clients, SEC says*/

– Morgan Stanley will pay $13 million to settle civil charges that it overbilled some of its wealth management clients because of coding and other billing system errors, U.S. regulators said Friday.The Securities and Exchange Commission said the bank was also charged with violating custody rules designed to safeguard investor assets.The bank agreed to settle the case without admitting or denying the charges.
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Morgan Stanley to pay $13 mln for overbilling clients

Morgan Stanley to pay $13 mln for overbilling clients*/

– (Adds background, comments from Morgan Stanley)By Sarah N. LynchWASHINGTON, Jan 13 (Reuters) – Morgan Stanley will pay $13 million to settle civil charges, after it overbilled some of its wealth management clients because of coding and other billing system errors, U.S. regulators said Friday.The Securities and Exchange Commission said the bank was also charged with violating custody rules designed to safeguard investor assets.The bank agreed to settle the case without admitting or denying the charges.
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