Morgan Stanley Settles KaiserTech Stock Case
<i> Associated Press</i>
WASHINGTON —
Morgan Stanley & Co. settled a controversial Securities and Exchange Commission action Thursday that charged it with selling stock it allegedly wasn’t entitled to trade after the 1987 stock market crash.
Last March, the SEC claimed that Morgan Stanley improperly sold more than 2.4 million restricted shares of KaiserTech Ltd. to satisfy margin deficiencies in an account of former KaiserTech Chairman Alan E. Clore.
Morgan Stanley neither admitted nor denied wrongdoing in the settlement.
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