| 2016-10-03 10:33:00|
MS 10:33 10/03 10/03/16
Massachusetts files complaint against Morgan Stanley over cross-selling
Massachusetts Secretary of the Commonwealth William Galvin charged Morgan Stanley Smith Barney with dishonest and unethical conduct in connection with high pressure sales contests in Massachusetts and Rhode Island. The sales contest created a "material conflict of interest" which violated the firm's fiduciary duty to clients in pursuit of brokerage customers opening banking and lending accounts, Galvin charged.