Morgan Stanley pays $1 million SEC fine over hacked customer data
Morgan Stanley agreed to pay a $1 million fine to settle U.S. Securities and Exchange Commission charges that security shortfalls enabled a former employee to transfer data regarding roughly 730,000 accounts to his personal server, which was later hacked.
The former employee, financial adviser Galen Marsh, accepted a five-year securities industry ban to settle related civil charges. Marsh was sentenced last December to three years probation after pleading guilty over the data breach.
Morgan Stanley did not admit or deny wrongdoing in agreeing to settle with the SEC.
Source | CNBC