Morgan Stanley pays $2M settlement over First Republic Bank's insider trading monitor failure.
Morgan Stanley has agreed to pay a $2 million settlement to the Massachusetts Securities Division for failing to monitor insider trading related to First Republic Bank's executive chairman, James Herbert II. He sold over $6.8 million in stock prior to the bank's collapse in 2021. The settlement, which does not involve an admission of wrongdoing, raises concerns about banks' abilities to manage risks and monitor client transactions effectively.
September 06, 2024
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