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, the Associated Press reports.

"Essentially, it is pay-to-play compensation to push certain products," Galvin told the AP in an interview, adding that his office has also subpoenaed other companies related to these sales. He declined to disclose the names of these companies or whether it is the insurance companies themselves. However, he did say that the National Association for Variable Annuities is also conducting its own investigation into annuity sales at Morgan Stanley.

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