Morgan Stanley Fined $4M By SEC Due To Rogue Apple Inc. Trades

Morgan Stanley agreed to pay a $4 million fine on Wednesday after the Securities and Exchange Commission penalized the firm for violating a market access rule when a rogue trader engaged in fraudulent trading of Apple Inc. stock. Morgan Stanley “failed to uphold credit limits for a customer firm” when a rogue trader who worked at Rochdale Securities LLC routed to Morgan Stanley’s electronic trading desk a series of orders to purchase the tech giant's stock on Oct. 25, 2012, the...

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