May 6 A U.S. regulator fined a Morgan Stanley
wealth management unit $5 million on Tuesday for
supervisory failures related to the sale of shares in 83 initial
public offerings, including Facebook Inc and Yelp Inc
, to retail customers.
The Financial Industry Regulatory Authority said Morgan
Stanley Smith Barney LLC lacked adequate procedures and training
from Feb. 16, 2012 to May 1, 2013 to ensure that sales staff
distinguished between "indications of interest" and "conditional
offers" when soliciting potential investors.
Morgan Stanley neither admitted nor denied the charges.
(Reporting by Jonathan Stempel in New York; Editing by Jeffrey