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June 8, 2016

Posted  August 1, 2016

Morgan Stanley Smith Barney LLC will pay a $1 million penalty to settle charges related to its failures to protect customer information, some of which was hacked and offered for sale online.  As a result of failures to adopt policies and procedures reasonably designed to protect customer data, from 2011 to 2014, a then-employee impermissibly accessed and transferred data regarding approximately 730,000 accounts to his personal server which was ultimately hacked by third parties.  SEC

Tagged in: Regulatory Violations, Securities Fraud,

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