MORGAN STANLEY FINED...another post copied from AOL.....
Subject: MORGAN STANLEY FINED
Date: Mon, Apr 13, 1998 18:11 EDT
From: HermCz
Message-id: <1998041322114101.SAA17048@ladder01.news.aol.com>
The SEC just clipped Morgan Stanley's wings by fining and charging 100 of their brokers and officers for stock manipulation of NASDAQ stocks. I told you guys Morgan was a big culprit in this YHOO scam. Kudos to the SEC for finally putting an end to this fiasco. They just got busted a little after the closing bell. Bulls make money, Bears make money, but Hogs (Morgan Stanley) get slaughtered. How stupid could they be to think the SEC would
not notice such misdeeds when you run up a $150m company's stock to $6b ? They should of just took their profits and walked away. But no, they had to tighten the noose a little tighter. Looks like the noose is on their necks now. I guess the SEC wasn't going to wait until wednesday when they were to unload this stock for the YHOO insiders. They manipulated YHOO and other internet stocks. They even had an Analyst solely for the purpose of the internet
sector. The Party is over for YHOO. The chickens have come home.
By the way YHOO was trading down to 111 3/4 after the bell........;^)
Here is the news from rueters that Hermcz is refering to:
Morgan Stanley <MWD.N> fined $1 mln by NASD
NEW YORK, April 13 (Reuters) - Morgan Stanley Dean Witter
Discover & Co was fined $1 million for stock manipulation by
the NASDR, the regulatory arm of the National Association of
Securities Dealers, the parent of the Nasdaq stock market.
The NASDR alleged that Morgan Stanley manipulated the price
of 10 Nasdaq-traded securities in 1995 on two separate
"expiration Fridays." The stocks are part of the Nasdaq 100.
Its options expire on the third Friday of every month.
"We strongly disagree with the NASDR's conclusions and we
will appeal," said Jean Marie McFadden, spokeswoman for Morgan
Stanley.
MORE
Rtr 17:45 04-13-98
Morgan Stanley <MWD.N> fined $1 mln =2
The NASD also sanctioned seven Morgan Stanley traders,
including its head Nasdaq trader, David Slaine. Slaine is no
longer with Morgan Stanley and the firm would not comment on
his departure. He was fined $100,000 and suspended from the
brokerage industry for 90 days. The six other traders were
suspended for 30 days and fined $25,000, the NASD said.
Morgan Stanley is jointly and severally liable for the
traders' fines.
MORE
Rtr 17:55 04-13-98 |
