FINRA Fines Morgan Stanley Smith Barney LLC $5,000,000 for Supervisory Failures Related to Sales of Shares in 83 Initial Public Offerings to Retail Customers

Morgan Stanley settled with FINRA and neither admitted nor denied the charges, but consented to the entry of FINRA’s findings that Morgan Stanley had supervisory failures concerning the solicitations of 83 Initial Public Offerings (IPOs) of stock, including Facebook and Yelp, from February 16, 2012, to May 1, 2013. http://www.finra.org/Newsroom/NewsReleases/2014/P498150

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