An investigation into trading by an executive at First Republic Bank in the weeks leading up to its 2023 collapse has resulted in a $2M fine for Morgan Stanley, Massachusetts Secretary of the Commonwealth William Galvin announced. According to a consent order filed by Galvin’s Securities Division, Morgan Stanley failed to ensure its client, a former CEO and insider at First Republic, was not acting on material non-public information when he unloaded thousands of First Republic shares in the days and months prior to the collapse.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MS:
- Morgan Stanley pays $2M fine over First Republic insider sales, WSJ says
- Fed cuts Goldman Sachs’ capital buffer requirement to 6.2% from 6.4%
- BofA: How to Hedge if Nvidia’s (NASDAQ:NVDA) Q2 Results Disappoint
- Disney Taps James Gorman to Lead CEO Succession Search
- Target reports Q2 beat, Walmart sells JD.com stake: Morning Buzz