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Abstract:The Securities and Exchange Commission charged Morgan Stanley & Co. LLC and the former head of its equity syndicate desk, Pawan Passi, with multi-year fraud involving the sharing of confidential information about large stock sales known as "block trades."
The Securities and Exchange Commission charged Morgan Stanley & Co. LLC and the former head of its equity syndicate desk, Pawan Passi, with multi-year fraud involving the sharing of confidential information about large stock sales known as “block trades.”
The SEC also accused Morgan Stanley of failing to implement its procedures on the exploitation of material non-public information relating to block trades.Firm agrees to pay more than $249 million to settle charges of fraud and failure to enforce information restrictions.
Sellers entrusted Morgan Stanley and Passi with material non-public information concerning upcoming block trades with the full expectation and understanding that they would keep it confidential,“ said SEC Chair Gary Gensler. ”Instead, Morgan Stanley and Passi abused that trust by leaking that same information and using it to position themselves ahead of those trades. While their conduct may have earned them tens of millions of dollars on low-risk trades, it violated the federal securities laws. Thanks to the hard work of the SEC staff, they are being held accountable.
About SEC
The U.S. Securities and Exchange Commission (SEC) is an autonomous federal government regulatory body aimed at promoting investment, safeguarding investors, and ensuring the securities markets operate fairly and orderly. The SEC monitors corporate takeover activities in the US, encourages complete public disclosure, and defends investors from deceptive and manipulative market practices.
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