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.
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