Securities regulator William Galvin and Finra are investigating Morgan Stanley over allegations of "loan sales contests". The investigation is being conducted by the US Department of Justice's Financial Crimes Enforcement Network (FINCEN), which has been looking into whether banks have engaged in a range of illegal practices to boost their The competition is alleged to have taken place across the country. Morgan Stanley declined to comment.
Securities regulator William Galvin and Finra are investigating Morgan Stanley over allegations of "loan sales contests". It is claimed teams were created which were then offered "financial incentives for selling securities-based loans", a practice regarded as a "no-no". The competition is alleged to have taken place across the country. Morgan Stanley declined to comment.