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Corporate conductRuling
Morgan Stanley opened accounts for Jeffrey Epstein's trusts between 2015 and 2019
TORONTO/NEW YORK, Feb 18 (Reuters) - Morgan Stanley opened accounts for Jeffrey Epstein's trusts between 2015 and 2019, years after the financier was convicted and registered as a sex offender under a 2008 plea deal, documents released by the U.S. Justice Department show.
Morgan Stanley's opening of an account in 2019 came two years after the bank's risk officers had closed another Epstein trust account in 2017, according to the emails released in the documents by the DOJ.
In an email forwarded to Epstein dated April 17, 2015, Kahn wrote: "Morgan Stanley account is open and funded with 5,000,000."
A source familiar with the matter said that Morgan Stanley closed one of Epstein's accounts in 2017 after the bank notified him of its decision to end their banking relationship.
According to a February 6, 2016 email that appears at the end of a back‑and‑forth with Epstein, Kahn wrote that a "Morgan Stanley=existing brokerage account in stc name currently has approximately 17,250,=00(sic)", a possible reference to a Southern Trust account.
The emails made public by the DOJ, which published more than 3 million pages on January 30, 2026, show Epstein's associates and investment entities continued securing banking relationships at Morgan Stanley long after his 2008 conviction, underscoring how Wall Street managed a client whose reputational risks were widely known.
In an email forwarded to Epstein dated April 17, 2015, Kahn wrote: "Morgan Stanley account is open and funded with 5,000,000."
According to a February 6, 2016 email that appears at the end of a back‑and‑forth with Epstein, Kahn wrote that a "Morgan Stanley=existing brokerage account in stc name currently has approximately 17,250,=00(sic)", a possible reference to a Southern Trust account.
TORONTO/NEW YORK, Feb 18 (Reuters) - Morgan Stanley opened accounts for Jeffrey Epstein's trusts between 2015 and 2019, years after the financier was convicted and registered as a sex offender under a 2008 plea deal, documents released by the U.S. Justice Department show.
Morgan Stanley's opening of an account in 2019 came two years after the bank's risk officers had closed another Epstein trust account in 2017, according to the emails released in the documents by the DOJ.
The emails made public by the DOJ, which published more than 3 million pages on January 30, 2026, show Epstein's associates and investment entities continued securing banking relationships at Morgan Stanley long after his 2008 conviction, underscoring how Wall Street managed a client whose reputational risks were widely known.
Corporate conductSettlement
Morgan Stanley Smith Barney agreed to pay $35 million to settle SEC charges over failures to safeguard customers' personal information
Morgan Stanley Smith Barney to Pay $35 Million for Extensive Failures to Safeguard Personal Information of Millions of Customers.
The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney LLC has agreed to pay a $1 million penalty to settle charges related to its failures to protect customer information, some of which was hacked and offered for sale online.
The SEC’s order finds that Morgan Stanley violated Rule 30(a) of Regulation S-P, also known as the “Safeguards Rule.” Morgan Stanley agreed to settle the charges without admitting or denying the findings.
Morgan Stanley Paying $13 Million Penalty for Overbilling Clients and Violating Custody Rule
SEC.gov | Morgan Stanley Paying $13 Million Penalty for Overbilling Clients and Violating Custody Rule
Without admitting or denying the findings that it violated various provisions of the Investment Advisers Act of 1940 and related rules, Morgan Stanley consented to the SEC’s cease-and-desist order and agreed to the $13 million penalty, a censure, and undertakings related to its fee billing and books and records practices.
Corporate conductSettlement
Morgan Stanley settles for $15 million penalty
Morgan Stanley Smith Barney pays $15 million to settle with the SEC over allegations that four financial advisers stole clients' funds.
Morgan Stanley Smith Barney will pay a $15 million penalty as part of a settlement with the Securities and Exchange Commission related to four financial advisers who stole millions of dollars of advisory clients' and brokerage customers' funds.
Morgan Stanley Smith Barney to pay $15M penalty to settle SEC charges
Morgan Stanley acknowledges that no tax deduction may be sought in connection with the payment of the forfeiture or fine components of the Total Financial Payment.
Morgan Stanley agrees to pay the Total Financial Payment to the United States Treasury no later than ten (10) business days after the Agreement is fully executed.
Morgan Stanley was hit with a $15 million fine from the U.S. Securities and Exchange Commission after four advisors were found to have stolen millions of dollars worth of client funds.
Payment must be made in one of the following ways: (1) Respondents may transmit payment electronically to the Commission, which will provide detailed ACH transfer/Fedwire instructions upon request; (2) Respondents may make direct payment from a bank account via Pay.gov through the SEC website at http://www.sec.gov/about/offices/ofm.htm; or (3) Respondents may pay by certified check, bank cashier’s check, or United States postal money order, made payable to the Securities and Exchange Commission and hand-delivered or mailed to: Enterprise Services Center Accounts Receivable Branch HQ Bldg., Room 181, AMZ-341 6500 South MacArthur Boulevard Oklahoma City, OK 73169 Payments by check or money order must be accompanied by a cover letter identifying Morgan Stanley & Co. LLC and Morgan Stanley Smith Barney LLC as Respondents in these proceedings, and the file number of these proceedings; a copy of the cover letter and check or money order must be sent to Thomas P. Smith, Jr., Associate Regional Director, Securities and Exchange Commission, 100 Pearl Street, Suite 20-100, New York, New York 10004-2616.
The Securities and Exchange Commission today announced that Morgan Stanley Smith Barney LLC (MSSB) has agreed to settle charges that it provided misleading information to clients in its retail wrap fee programs regarding trade execution services and transaction costs.
SEC Charges Morgan Stanley Smith Barney With Providing Misleading Information to Retail Clients
Corporate conductSettlement
Morgan Stanley settles for $150 Million
California Attorney General Becerra announced a $150 million settlement against Morgan Stanley for misleading California teachers and workers with pensions.
Attorney General Becerra Announces $150 Million Settlement Against Morgan Stanley for Misleading California’s Teachers and Workers with Pensions | State of California - Department of Justice - Office of the Attorney General
Climate & energySettlement
Morgan Stanley Capital Group Inc. agreed to pay $1,119,000 to resolve alleged violations of the Clean Air Act stemming from producing gasoline that did not meet fuel standards
– December 14, 2017) - Morgan Stanley Capital Group Inc. (MSCG) has agreed to pay a civil penalty of $1,119,000 to resolve alleged violations of the Clean Air Act (CAA) stemming from the production of gasoline that did not did not meet fuel standards.
Morgan Stanley Capital Group Inc. Clean Air Act Settlement | Enforcement | US EPA
– December 14, 2017) - Morgan Stanley Capital Group Inc. (MSCG) has agreed to pay a civil penalty of $1,119,000 to resolve alleged violations of the Clean Air Act (CAA) stemming from the production of gasoline that did not did not meet fuel standards.
STIPULATION OF SETTLEMENT AND ORDER WHEREAS Plaintiff United States of America, by authority of the Attorney General of the United States and acting at the request of the United States Environmental Protection Agency (“EPA”), filed a Complaint against Defendant Morgan Stanley Capital Group Inc. (“MSCG”) pursuant to Sections 211(d) and 205(b) of the Clean Air Act, 42 U.S.C. §§ 7545(d) and 7524(b), to recover penalties relating to Defendant’s production of reformulated blendstock for oxygenate blending (“RBOB”) that did not meet the applicable volatile organic compound (“VOC”) reduction standards of the EPA’s reformulated gasoline (“RFG”) program as required by Sections 211(c) and (k) of the Clean Air Act and 40 C.F.R. § 80.65(i)(3)(i); WHEREAS on June 2, 2015, and August 21, 2015, Defendant self-disclosed the violations alleged in the Complaint to the EPA under the EPA’s Incentives for Self-Policing: Discovery, Disclosure, Correction and Prevention of Violations (“Audit Policy”), 65 Fed.
Morgan Stanley Capital Group Inc. Clean Air Act Settlement | US EPA
– December 14, 2017) - Morgan Stanley Capital Group Inc. (MSCG) has agreed to pay a civil penalty of $1,119,000 to resolve alleged violations of the Clean Air Act (CAA) stemming from the production of gasoline that did not did not meet fuel standards.
Corporate conductAllegation
Morgan Stanley is accused of concealing misrepresentations
Morgan Stanley is accused of concealing misrepresentations that hid the most dangerous loans.
The complaint, filed in San Francisco Superior Court, alleges that Morgan Stanley violated the False Claims Act, the California Securities Law and other state laws by concealing or understating the risks of intricate investments involving large numbers of underlying loans or other assets.
“Morgan Stanley’s conduct in this case evidenced a culture of greed and deception that helped create a devastating economic crisis and crippled California’s budget,” said Attorney General Harris.
Morgan Stanley's Misrepresentations Concealed the Most Dangerous Loans 148.
As set forth herein , defendant Morgan Stanley was a major participant in the events leading up to the 2007-2008 financial crisis, including, of relevance to this actio n, creating, assemb ling and packaging risky structured finance securities.
Then-Attorney General Kamala Harris sued Morgan Stanley in 2016, claiming the investment company violated the False Claims Act and the state’s securities law when it put together and sold billions of dollars in toxic mortgage-backed securities.
Climate & energySettlement
Morgan Stanley Capital Group Inc. agreed to pay a civil penalty of $1,119,000 to resolve alleged violations of the Clean Air Act stemming from the production of gasoline that did not meet fuel standards
Morgan Stanley Capital Group Inc. Clean Air Act SettlementMorgan Stanley Capital Group Inc. (MSCG) has agreed to pay a civil penalty of $1,119,000 to resolve alleged violations of the Clean Air Act (CAA) stemming from the production of gasoline that did not did not meet fuel standards.
Morgan Stanley Capital Group Inc. Clean Air Act SettlementMorgan Stanley Capital Group Inc. (MSCG) has agreed to pay a civil penalty of $1,119,000 to resolve alleged violations of the Clean Air Act (CAA) stemming from the production of gasoline that did not did not meet fuel standards.
Corporate conductConfirmed
Morgan Stanley faces prosecution for securities fraud
Morgan Stanley can be prosecuted for federal securities law violations by the United States in the U.S. District Court for the Southern District of New York.
fede ral law or any violation of the anti-fraud provisions of the United States securities laws, regardless of whether the United States becomes aware of such a breach after the Term is complete, Morgan Stanley shall thereafter be subject to prosecution for any federal criminal violation of which the United States has knowledge, which may be pursued by the United States in the U.S. Di strict Court for the Southern District of New York or any other appropriate venue.
Agreement; (c) otherwise fails to completely perform or fulfill each of Morgan Stanley’s obligations under the Agreement; or (d) anyone working within Morgan Stanley’s Equity Capital Markets Group commits any felony under U.S. fede ral law or any violation of the anti-fraud provisions of the United States securities laws, regardless of whether the United States becomes aware of such a breach after the Term is complete, Morgan Stanley shall thereafter be subject to prosecution for any federal criminal violation of which the United States has knowledge, which may be pursued by the United States in the U.S. Di strict Court for the Southern District of New York or any other appropriate venue.