On December 10, 2014, the SEC announced in a Press Release that: "The Securities and Exchange Commission today penalized Morgan Stanley & Co. LLC for violating the market access rule when it failed to uphold credit limits for a customer firm with a rogue trader who engaged in fraudulent trading of Apple stock."

On December 10, 2014, the SEC instituted settled administrative and cease-and-desist proceedings against Morgan Stanley & Co. LLC ("MS & Co."). According to the SEC: "The events of October 25, 2012 revealed that MS & Co.'s controls and supervisory procedures were not reasonably designed to prevent the entry of orders that exceed pre-set aggregate credit thresholds for customers. On that day, MSET [Morgan Stanley Electronic Trading] twice increased pre-set aggregate credit thresholds for its customer Rochdale Securities LLC ('Rochdale') (a registered broker-dealer that accessed MSET's platform on behalf of its own institutional customers), initially from $200 million to $500 million and subsequently from $500 million to $750 million, when it received a series of orders for approximately $525 million of Apple, Inc. ('Apple') stock--an amount that would have exceeded Rochdale's threshold had it not been increased by MSET. Unbeknownst to MSET, David Miller ('Miller'), the registered representative at Rochdale with whom MSET personnel were interacting on October 25, 2012, was using these orders to commit fraud."

On December 10, 2014, the SEC instituted settled administrative and cease-and-desist proceedings against Morgan Stanley & Co. LLC ("MS & Co."). According to the SEC: "The events of October 25, 2012 revealed that MS & Co.'s controls and supervisory procedures were not reasonably designed to prevent the entry of orders that exceed pre-set aggregate credit thresholds for customers. On that day, MSET [Morgan Stanley Electronic Trading] twice increased pre-set aggregate credit thresholds for its customer Rochdale Securities LLC ('Rochdale') (a registered broker-dealer that accessed MSET's platform on behalf of its own institutional customers), initially from $200 million to $500 million and subsequently from $500 million to $750 million, when it received a series of orders for approximately $525 million of Apple, Inc. ('Apple') stock--an amount that would have exceeded Rochdale's threshold had it not been increased by MSET. Unbeknownst to MSET, David Miller ('Miller'), the registered representative at Rochdale with whom MSET personnel were interacting on October 25, 2012, was using these orders to commit fraud."