• News Desk

MORGAN STANLEY FINED $1 MILLION


Morgan Stanley agreed to pay a $1 million penalty to resolve charges that it didn’t properly protect customer records after a former employee took data from about 730,000 customer accounts, the Securities and Exchange Commission said on Wednesday.The former employee, Galen Marsh, was sentenced in December to three years of probation for illegally tapping the Wall Street firm’s computer system and taking the client information home with him between 2011 and 2014.The client data were later “likely” hacked and briefly appeared online between December 2014 and February 2015, the SEC said.On Wednesday, the SEC also barred Mr. Marsh from working in the securities industry for at least five years. The SEC said Morgan Stanley failed to adopt “written policies and procedures reasonably designed to protect customer data,” which led to the data theft.

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