facebook
twitter
rss
account
search
search

Morgan Stanley settles NASD charges

Sept. 16, 2003 at 6:37 PM   |   Comments

NEW YORK, Sept. 16 (UPI) -- Morgan Stanley and one of its top executives have settled charges of impropriety leveled by the National Association of Securities Dealers.

The New York City-based brokerage firm and its executive were charged with improperly offering brokers more than $1 million in prizes through internal sales contests. The prizes were intended to boost Morgan Stanley's sales of in-house mutual funds and variable annuities.

Morgan Stanley and Bruce Alonso, a managing director who oversees the firm's branch network, settled the charges without admitting or denying the allegations, the Wall Street Journal reported.

As part of the settlement, the company agreed to pay a $2 million fine, and Alonso will pay a $250,000 fine.

NASD rules prohibit broker contests intended to boost sales of specific products.

© 2003 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
Trending News
Video
x
Feedback