The Financial Industry Regulatory Authority has fined Morgan Stanley $90,000 fine in settlement of charges that it traded municipal bonds at unfair rates. This sum is in addition to the $41,000 the firm will pay to investors in restitution.
The unfair rates include markups and markdowns ranging from 5.25% to 24.3%. These unfair rates, which were detrimental to investors, were made on 11 corporate bond trades and three municipal securities trades.
As is typical in settlement agreements, Morgan Stanley neither confirmed nor denied the allegations.
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