Morgan Stanley & Company Inc.

Tucson, AZ: (May-10-07) The US Securities and Exchange Commission filed federal charges against Morgan Stanley & Company Inc., alleging that it failed to get retail stock investors the best prices possible on more than 1 million over-the-counter transactions. The charges claimed that over a three year period, Morgan Stanley's automated trading system delayed the execution of orders and altered transaction prices to benefit the company financially, without informing investors. The investment bank's business decisions affected more than 1.2 million trades valued at about $8 billion, and the financial services firm got more than $5.9 million in revenue through the undisclosed changes. The alleged fraud took place between Oct. 24, 2001 and Dec. 8, 2004. While Morgan Stanley did not admit or deny the SEC's findings, it agreed to an $8 million settlement which would settle the federal fraud charges against it. [AZ STAR NET: INVESTOR FRAUD]

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Published on May-14-07