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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium
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To: cabernetfranck who wrote (66251)1/24/2000 1:44:00 PM
From: Jo Ellen T  Read Replies (4) of 108040
 
This is Disgusting :

Monday January 24, 1:29 pm Eastern Time

NASD halves Morgan Stanley fine in
stock manipulation

NEW YORK, Jan 24 (Reuters) - The regulatory arm of the
Nasdaq stock market on Monday affirmed Morgan Stanley Dean
Witter & Co. (NYSE:MWD - news) manipulated stock prices but halved the fine it earlier imposed
on No. 2 U.S. brokerage for these alleged violations.

The agency that regulates the Nasdaq stock market, NASD Regulation, said it censured and fined
Morgan Stanley $495,000 for manipulating the prices of nine securities in 1995. The action reduces
sanctions imposed earlier by NASD's market regulation committee, which had fined Morgan Stanley
$1 million in April last year for the same offense.

NASD Regulation on Monday said its national adjudicatory council affirmed the findings of its
market regulation committee. That committee found that Morgan Stanley's over-the-counter trading
desk improperly pushed up the opening prices of some stocks to ensure the firm would not suffer
losses in other areas, such as its program trading desk.

But NASD's national adjudicatory council also slashed the fines the market regulation committee had
imposed on the six Morgan Stanley traders involved in the alleged scheme, from $25,000-$100,000
each to $2,500 each.

Morgan Stanley can appeal the ruling to the U.S. Securities and Exchange Committee for 30
business days. A Morgan Stanley spokeswoman was not immediately available for comment.
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