Morgan Stanley Pays Million Dollar Fine in Hacked Customer Data Case

Stockbroker Law - Tuesday, September 20, 2016
Morgan Stanley Pays Million Dollar Fine in Hacked Customer Data Case

The SEC announced in a press release dated June 8, 2016 that Morgan Stanley Smith Barney, LLC has agreed to pay a $1 million penalty to settle charges relating to alleged failures to protect confidential customer information. The SEC also issued an order finding that Morgan Stanley failed to have proper written procedures and policies in place to protect customer data from hacking. The case involved a former employee who hacked and transferred data for over 730,000 accounts to his personal server.

We offer a free initial consultation to Morgan Stanley customers and any members of the investing public who feel their personal confidential information has been improperly accessed or hacked. For an appointment contact the Law Offices of Timothy J. O'Connor at (518) 426-7700.

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