Massachusetts Secretary of the Commonwealth William Galvin has subpoenaed Morgan Stanley and other brokerage firms to find out whether they disclosed to investors payments they received from insurance firms to sell their variable annuities.

Galvin called the practice "pay-to-play" and said that his office has also subpoenaed other companies related to these sales and that the National Association for Variable Annuities is also conducting its own investigation into annuity sales at Morgan Stanley.

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