MA Secretary Galvin Charges Morgan Stanley with Running Unethical Sales Contests to Cross Sell Banking Business to Brokerage Customers

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MA Secretary Galvin Charges Morgan Stanley with Running Unethical Sales Contests to Cross Sell Banking Business to Brokerage Customers

MA Secretary Galvin Charges Morgan Stanley with Running Unethical Sales Contests to Cross Sell Banking Business to Brokerage Customers

COMMONWEALTH OF MASSACHUSETTS
OFFICE OF THE SECRETARY OF THE COMMONWEALTH
SECURITIES DIVISION ONE ASHBURTON PLACE,
ROOM 1701 BOSTON, MASSACHUSETTS 02108

IN THE MATTER OF:
MORGAN STANLEY SMITH BARNEY LLC,
RESPONDENT.

Docket No. E-2016-0055

ADMINISTRATIVE COMPLAINT
I. PRELIMINARY STATEMENT

The Enforcement Section of the Massachusetts Securities Division of the Office of
the Secretary of the Commonwealth (the “Enforcement Section” and the “Division,”
respectively) files this Administrative Complaint (the “Complaint”) to commence an
adjudicatory proceeding against Morgan Stanley Smith Barney LLC (“Respondent”) for
violations of MASS. GEN. LA ws ch. 11 OA, the Massachusetts Uniform Securities Act (the
“Act”), and the corresponding regulations promulgated thereunder at 950 MASS. CODE
REGS. 10.00 – 14.413 (the “Regulations”). The Enforcement Section alleges that
Respondent engaged in acts and practices in violation of Section 204 of the Act.
The Enforcement Section seeks an order: 1) finding as fact the allegations set forth
below; 2) finding that all the sanctions and remedies detailed herein are in the public interest
and necessary for the protection of Massachusetts investors; 3) requiring Respondent to
permanently cease and desist from further conduct in violation of the Act and the
Regulations; 4) censuring Respondent; 5) imposing an administrative fine on Respondent
in such amount and upon such terms and conditions as the Director or Presiding Officer may
determine; 6) requiring Respondent to provide equitable relief to all customers who entered
into securities-based loans pursuant to the Sales Contest detailed herein; and 7) taking any
such further action which may be necessary or appropriate in the public interest for the
protection of Massachusetts investors.

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