August 30, 2005
Document Retention Taken Seriously by SEC
Morgan Stanley continues to feel the wrath of authorities for violations, this time for document retention violations. One wonders if they had more to lose by keeping the documents than destroying them.
"SEC may fine Morgan Stanley $10 mln over email-WSJ
Tue Aug 30, 2005 4:56 AM ET
NEW YORK, Aug 30 (Reuters) - The Securities and Exchange Commission is threatening to fine Morgan Stanley more than $10 million for failing to keep e-mails in a number of cases the agency brought against the Wall Street firm, the Wall Street Journal reported on Tuesday.
The fine, if levied, would be one of the biggest monetary penalties ever paid by a Wall Street brokerage firm for failing to preserve records, the newspaper said.
No immediate comment on the report was available from Morgan Stanley or the SEC.
Citing people familiar with the matter, the Journal said the SEC had been building its case against Morgan Stanley for some time but a final decision on penalties could be months away because both sides continue to haggle over the document-retention issues."
For the complete article, click here.
For more information on the Sarbanes-Oxley Compliance Playbook(tm), see www.issuescentral.com or call 800.410.6681 ext 112 to learn more.
"SEC may fine Morgan Stanley $10 mln over email-WSJ
Tue Aug 30, 2005 4:56 AM ET
NEW YORK, Aug 30 (Reuters) - The Securities and Exchange Commission is threatening to fine Morgan Stanley more than $10 million for failing to keep e-mails in a number of cases the agency brought against the Wall Street firm, the Wall Street Journal reported on Tuesday.
The fine, if levied, would be one of the biggest monetary penalties ever paid by a Wall Street brokerage firm for failing to preserve records, the newspaper said.
No immediate comment on the report was available from Morgan Stanley or the SEC.
Citing people familiar with the matter, the Journal said the SEC had been building its case against Morgan Stanley for some time but a final decision on penalties could be months away because both sides continue to haggle over the document-retention issues."
For the complete article, click here.
For more information on the Sarbanes-Oxley Compliance Playbook(tm), see www.issuescentral.com or call 800.410.6681 ext 112 to learn more.
