Morgan Stanley Misuse of Personal Devices Costs $200 Million (1)

Morgan Stanley said it expects to pay a $200 million fine related to a broad US investigation into the use of unapproved personal devices.

That amount is based on discussions the firm has had with the Securities and Exchange Commission and the Commodity Futures Trading Commission, who have been probing the matter across Wall Street.

Finance firms are required to scrupulously monitor communications involving their business. That system, already challenged by the proliferation of mobile-messaging apps, was strained further as firms sent workers home shortly after the start of the Covid-19 outbreak. Investigators have been looking into banks including JPMorgan ...