Morgan Stanley accused of hiding e-mail

Dec. 20, 2006 at 12:24 PM

NEW YORK, Dec. 20 (UPI) -- Morgan Stanley has been accused of hiding millions of e-mail messages, claiming the communications had been lost in the 2001 terrorist attack.

Securities regulators charged that the giant retail brokerage firm destroyed nearly 8 million electronic messages from September 2001 through March 2005.

Morgan Stanley was said to have made the Sept. 11 excuse to regulators and plaintiffs seeking to recover money lost in investment disputes.

The National Association of Securities Dealers said Morgan Stanley was able to rebuild its e-mail system and restore 11 of its 12 computer servers within days of the attack.

James S. Shorris, head of enforcement at NASD, said the actions "undermined the integrity of the regulatory and arbitration processes."

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Aetna to acquire Humana for $37 billion in cash, stocks
New Zealand military receives medium heavy military trucks
BBC to lay off 1,000 people to make up for $234M in lost revenue
U.S. proposes tighter pipeline spill rules