SEC Fines Morgan Stanley $1 Million For Failing To Protect Customer Data

Mealey's (June 9, 2016, 2:17 PM EDT) -- WASHINGTON, D.C. — In a June 8 order, the Securities and Exchange Commission penalized Morgan Stanley Smith Barney LLC $1 million for failing to properly safeguard its customers’ personally identifiable information (PII), which led to an employee’s misappropriation of hundreds of thousands of customers’ information and its being posted on certain websites

(In the Matter of Morgan Stanley Smith Barney LLC, No. 3-17280, SEC).

(Order available. Document #97-160623-016R.)

Security Flaw

In April 2008, Hoboken, N.J., resident Galen Marsh joined Morgan Stanley, eventually becoming a client service...
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