Morgan Stanley has agreed to settle improper trading allegations brought against it by the Department of Justice in Delaware, although it has neither admitted nor denied liability in the case.
The settlement follows a complaint filed in 2003 on behalf of a Delaware couple.
Broker George Coughlin was charged with executing more than 500 unauthorised trades and more than 70 unsuitable transactions through their brokerage account. Coughlin's immediate supervisor, Argie Economou and Morgan Stanley itself were also charged with failing to adequately supervise the broker's trading activity.
The majority of the $700,000 settlement will go towards compensating the couple in question.
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