The American bank Morgan Stanley will pay more than $249 million to settle charges brought by the US Securities and Exchange Commission (SEC) for fraud and for the lack of “information barriers,” the regulator said in a press release.
< img title="Morgan Stanley will pay $249 million due to the probable disclosure of confidential information" src="/wp-content/uploads/2024/01/cafa00cfd60b0597bf18ba17bdc59443.webp" alt="Morgan Stanley will pay $249 million due to the probable disclosure of confidential information " />
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What they are accused of< /h3>
The allegations relate to the disclosure of confidential information about the sale of large blocks of shares (so-called block trading).
“The (stock) sellers entrusted Morgan Stanley with material non-public information about upcoming block trading transactions, fully expecting and “expecting that the bank will keep it secret,” said SEC Chairman Gary Gensler, whose words are quoted in the press release.
However, notes Gensler, a credit institution and former head of its syndication department in the Pavan stock market. Passi used this information for their own benefit.
The SEC also imposed a fine on Passi in the amount of $250 thousand.
