Morgan Stanley

New York, NY: Gabriele Tamar Smith worked for Morgan Stanley DW Inc., a brokerage unit of Morgan Stanley. Attorney General Eliot Spitzer filed charges against the firm for allegedly failing to supervise its broker from 1997 to 2001 while she defrauded 15 customers of $740,964. Investigators found Smith engaged in excessive and unauthorized trading, signed wire transfers and account documents without authorization and failed to warn about the risks of trading on margin. Morgan Stanley agreed to pay more than $1 million in restitution and penalties to settle the New York case. (Oct-17-06) [REUTERS: MORGAN STANLEY]

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