Rhode Island has fined
The fine stems from an investigation begun three years ago following complaints from four investors. In one instance, an investor said a broker sold them low-cost products but them moved them into far more expensive ones. In another, the same broker sold an annuities to an 80-year-old.
The other broker failed to obtain breakpoints for a client.
Morgan Stanley agreed to the findings of the case without admitting or denying wrongdoing, but did review transactions that the brokers handled.