SEC
Whistleblower
Advocates

January 13, 2017

Morgan Stanley Smith Barney, LLC

Trading and Pricing

SANCTION AMOUNT: $13,000,000

Defendants: Morgan Stanley Smith Barney, LLC

The SEC found that Morgan Stanley overcharged more than 149,000 advisory clients through coding and other billing system errors, evincing failures/violations in the firm's compliance and validation policies and procedures. The firm also was found to have violated the custody rule pertaining to annual surprise examinations by failing to provide its independent public accountant with an accurate or complete list of client funds and securities for examination, and failing to maintain contracts.

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