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Block Trading

All articles tagged with #block trading

finance2 years ago

"Morgan Stanley Settles Block Trading Probe with $249 Million Payment"

Morgan Stanley has agreed to pay $249 million in penalties to settle investigations into deceptive practices in handling large stock trades from 2018 to 2021. The investigations found that at least one employee misused confidential information in connection with block trades, leading to a nonprosecution agreement with the government. A former employee, Pawan Passi, admitted to sharing confidential information with other investors to trade ahead of block sales. The Securities and Exchange Commission (SEC) stated that Morgan Stanley had profited from the misuse of customer information and engaged in front-running. Despite the penalties, Morgan Stanley cooperated with the investigation and implemented remedial measures.

via The New York Times|
#block-trading#finance#morgan-stanley
finance2 years ago

"Morgan Stanley Settles Block-Trading Probe with $249 Million Fine"

Morgan Stanley and its head of equity syndicate desk, Pawan Passi, have been charged with fraud by the Department of Justice and the SEC for secretly divulging impending block trades to hedge funds from 2018 through 2021, resulting in sellers losing millions of dollars. The bank has been fined $249 million, with Passi facing a $250,000 fine and restrictions on future roles. The U.S. attorney’s office in Manhattan entered into non-prosecution agreements with the bank and Passi, who was dismissed from Morgan Stanley. The bank has agreed to pay the penalties and cooperate with the government’s probe, while stating confidence in the enhancements made to its controls around block trading.

via MarketWatch|
#block-trading#finance#fine
finance2 years ago

"Morgan Stanley Settles US Block Trading Probes for $249 Million"

Morgan Stanley has agreed to pay $249 million to settle probes by US authorities into its alleged deceptive practices in the handling of certain trades, known as "block trades." The settlement resolves investigations by the Securities and Exchange Commission and the Department of Justice, which accused the bank of misleading clients about the way it executed their trades.

via Financial Times|
#block-trading#finance#morgan-stanley