(Bloomberg) — Morgan Stanley was fined $2 million by a Massachusetts regulator over stock sales by a First Republic executive in the months leading up to the California lender’s collapse last year.
Morgan Stanley will pay $2 million to settle the investigation by the Massachusetts Securities Division, according to a spokesperson for the regulator.
A representative for Morgan Stanley said the bank was pleased to have resolved this matter. The Wall Street Journal reported the news earlier.
The Department of Justice was reviewing stock trading by some of First Republic Bank’s employees during the lender’s collapse, Bloomberg reported in May last year. The department was looking into whether anyone working at the firm used inside information in transactions as it was crumbling into the second biggest failure in American banking history, before being acquired by JPMorgan Chase & Co.
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