Morgan Stanley Smith Barney to Pay $35 Million for Extensive Failures to Safeguard Personal Information of Millions of Customers

https://www.sec.gov/news/press-release/2022-168

The Securities and Exchange Commission today announced charges against
Morgan Stanley Smith Barney LLC (MSSB) stemming from the firm's extensive
failures, over a five-year period, to protect the personal identifying
information, or PII, of approximately 15 million customers. MSSB has agreed
to pay a $35 million penalty to settle the SEC charges.

The SEC' order finds that, as far back as 2015, MSSB failed too properly
dispose of devices containing its customers' PII. On multiple occasions,
MSSB hired a …

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