Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Morgan Stanley Is Accused of Manipulating New Jerseyans Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, July 31, 2013

Morgan Stanley Is Accused of Manipulating New Jerseyans

News summary by MFWire's editors

Morgan Stanley is in a bit of hot water for selling the wrong funds to the wrong folk.

The New Jersey Bureau of Securities levied a $100,000 sanction against the broker-dealer after its employees were accused of breaking state laws for selling non-traditional exchange traded funds to state residents, The Star Ledger's Ed Beeson reports.

Beeson reports that Morgan Stanley allegedly sold New Jerseyans "complex investment products that weren’t appropriate for them."

He writes that the products at issue are non-traditional exchange-traded funds.

Regulators aren't fond of the complexity of these particular ETFs and argue it is difficult for the typical investor to understand them, especially if the investor is elderly, Beeson writes. Beeson reports that the activities Morgan Stanley has been sanctioned for happened between January 2007 and June 2009.

Morgan Stanley isn't the only company accused of tricking the elderly in recent news. A year ago, the Office of Comptroller of the Currency warned JP Morgan [profile] that it had wrongfully advised retirement plan participants to invest in in-house investment products.

To read more, click here.  

Edited by: Casey Quinlan


Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2020: Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2020
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use