Morgan Stanley Fined by State of New Hampshire
by Admin Istrator | December 31, 2021 9:41 pm
On November 27, 2018, Morgan Stanley was fined by the State of New Hampshire, Bureau of Securities Regulations. That is the agency that has jurisdiction over enforcing the Uniform Securities Act[1] in the state of New Hampshire. Here are the allegations:
- An advisor at Morgan Stanley engaged in churning or excessive trading of stocks. The advisor also engaged in annuity switching, a practice that involves exchanging annuities [2]to generate commissions.
- The investors suffered losses in the hundreds of thousands of dollars. The losses included surrender fees for the annuities.
- Morgan Stanley paid a fine of $500,000 as well as restitution to the investors.
Consent Order with New Hampshire
Morgan-Stanley-NH[3]Download[4]
Did You Lose Money with Morgan Stanley?
Endnotes:
- Uniform Securities Act: https://mdf-law.com/uniform-securities-act/
- annuities : https://mdf-law.com/annuity-death-benefits/
- Morgan-Stanley-NH: https://mdf-law.com/wp-content/uploads/2021/12/Morgan-Stanley-NH.pdf
- Download: https://mdf-law.com/wp-content/uploads/2021/12/Morgan-Stanley-NH.pdf
Source URL: https://mdf-law.com/morgan-stanley/