Morgan Stanley settles SEC charges it misled clients, to pay $5 mln penalty

(Reuters) – A unit of Morgan Stanley (MS.N) will pay a $5 million penalty to settle U.S. Securities and Exchange Commission charges it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs, the regulator said on Tuesday.

The unit, Morgan Stanley Smith Barney, settled without admitting or denying wrongdoing. The $5 million will be distributed to harmed investors, the SEC said.

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