U.S. SEC says Morgan Stanley to pay $3.5 million fine over misuse of funds

WASHINGTON (Reuters) – Morgan Stanley (N:) agreed to pay a $3.6 million fine after regulators found it failed to detect or prevent misappropriation of client funds, the U.S. Securities and Exchange Commission (SEC) said on Friday.

Morgan Stanley did not admit or deny the SEC’s findings, according to the regulator.

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