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Post by bot on May 9, 2014 22:59:27 GMT -5
NEW YORK (MarketWatch) -- Morgan Stanley has been fined $5 million by the Financial Industry Regulatory Authority over violations of initial public offering rules, the agency said Tuesday. The firm is accused of failures related to the sales of shares to retail customers between Feb. 16, 2012, to May 1, 2013, which covered 83 IPOs, including offerings for Facebook Inc. and Yelp Inc. . Specifically Morgan Stanley used two terms -- "conditional offers" and "indications of interest" -- interchangeably when speaking to customers. The firm did not admit or deny the charges, but consented to the entry of FINRA's findings. Morgan Stanley shares were down 1.5% in recent trading.
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