BOSTON, Sept 12 Massachusetts' top securities
regulator charged on Wednesday that investment bank Morgan
Stanley (MS.N) and two Boston-based employees broke ethics
rules when they improperly used a jobs Web site to find new
William Galvin, the state's Secretary of the Commonwealth,
said Arlen Jay Fox combed through more than 1,000 resumes
posted on CareerBuilder.com between August 2005 and December
2006 after his boss, David Swartz, gave him a password to
access the information. He then used the information to cold
call potential customers.
"The resumes were chock-full of valuable information, such
as employment history (suggesting potential sources of 401(k)
transfers), recent salary levels and vital contact information,
such as cell phone telephone numbers that might not otherwise
be published," Galvin said in a statement.
He said the two breached the terms of Morgan Stanley's
contract with CareerBuilder and violated national and state
do-not-call lists, where people can ask not to be solicited by
Morgan Stanley called the matter an "isolated instance in
one office involving a single financial advisor," and said it
is cooperating with Galvin's investigation.