SEC
Whistleblower
Attorneys

May 12, 2020

Morgan Stanley Smith Barney LLC

Trading and Pricing

SANCTION AMOUNT: $5000000

Defendants: Morgan Stanley Smith Barney LLC

Settlement of SEC's administrative proceeding and findings that, for a period of almost 5 years, Respondent's managers routinely directed wrap fee clients’ trades to third-party broker-dealers for execution, which could result in additional transaction fees that were not visible to them. In such instances, clients were thus deprived of the full benefit of the wrap fees they paid.

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