The Financial Industry Regulatory Authority has fined Morgan Stanley $90,000 for buying and selling corporate and municipal bonds at unfair and unreasonable prices.

Though most of the unfair markups and markdowns were tied to 11 trades of corporate securities during the 2003 calendar year, FINRA found three trades of municipal bonds during the same period were bought or sold “at an aggregate price ... that was not fair and reasonable, taking into consideration all relevant factors, including the best judgement” of the dealer.

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