Defendant Name:
Morgan Stanley Smith Barney LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Morgan Stanley
SIC Code:
6211
CUSIP:
61744644
Document Reference:
34-86988
Document Details
Legal Case Name
In the Matter of Morgan Stanley Smith Barney, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Sections 15(b), 15B(c), and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
17-Sep-2019
Document Format
Administrative Proceeding
Allegation Type
Municipal Securities & Public Pensions
Document Summary
On September 17, 2019, the SEC instituted settled administrative and cease and desist proceedings against Morgan Stanley Smith Barney, LLC ("MSSB"). The SEC stated: "This matter involves violations of Municipal Securities Rulemaking Board
(“MSRB”) rules by MSSB. Between June 2013 and December 2017, MSSB recommended 135
“swap” transactions to its retail customers in which the customer sold one municipal bond while
also purchasing another bond that was nearly identical to the bond sold or that otherwise
appeared to provide no apparent economic benefit to the customer."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Civil Penalty
Individual:
$225,000.00
Shared:
