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Morgan Stanley officials counter that they cooperated in the CFTC investigation and the account in question traded for only three months.
U.S. regulators have fined Morgan Stanley’s wealth management division $280,000 over failures in its know your customer (KYC) processes that led to a fictitious hedge fund – in reality the front for a U.K.-based Ponzi scheme – being able to open accounts despite numerous red flags, officials say. The CFTC fined Morgan Stanley Smith Barney...
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