Morgan Stanley will pay $249 million to settle criminal, SEC block trade probes:
Pawan Passi, a former Morgan Stanley supervisor for block trades ...
cnbc.com/2024/01/12/morgan-stanley-will-pay-millions-settle-sec-block-trade-probe.html
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Morgan Stanley Settles Block Trade Misconduct CaseMorgan Stanley pays $249M for violations involving confidential block trade info from 2018 to 2021 in a major SEC probe.
- Morgan Stanley agreed to a $249 million settlement over unauthorized disclosure of block trade information to investors.
- The firm entered a non-prosecution deal and committed to cooperating with authorities for at least three years.
- The SEC charged the bank with failing to enforce policies and allowing misuse of sensitive non-public data.
- Former supervisor Pawan Passi accepted a deferred prosecution agreement and paid a $250,000 civil penalty.
Instead, Morgan Stanley and Passi abused that trust by leaking that same information and using it to position themselves ahead of those trades. While their conduct may have earned them tens of millions of dollars on low-risk trades, it violated the federal securities laws.— Gary Gensler, SEC Chairman; commenting on misconduct and violations of federal securities laws.
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