Morgan Stanley Fined $3 Million For Failing To Actually Deliver Advisory Services
- Created: Thursday, 17 November 2011 08:58
Morgan reportedly agreed to manage the Malaysia Fund back in 1996, only to hand the responsibility to a subsidiary of local institution AM Bank.
Malaysia is a tough market to crack, so getting local expertise onboard was a good idea.
Unfortunately, AM Bank appears to have only come up with two boilerplate reports and then nothing more.
Interestingly, the SEC says their investigation is continuing even though Morgan has already settled the case.