Howard F. Pitkin, Banking Commissioner, announced today that a $5 million settlement with Morgan Stanley Smith Barney LLC (MSSB) to resolve allegations the company failed to adhere to certain requirements relating to its supervisory responsibilities as a Connecticut registered Broker-Dealer.
Commissioner Pitkin said “This settlement reflects many months of hard work by our Securities Division. I commend them for their diligent and thorough work in continuing to protect Connecticut’s investing community.”
This settlement was reflected in a June 9, 2014 Consent Order with the firm that alleged the firm failed to establish, enforce, and maintain an adequate supervisory system. As well as many other allegations you can find here in a copy of the Consent Order found on the Department of Banking’s website.