Rhode Island has fined Morgan Stanley $250,000 for not supervising two Providence brokers who, regulators said, engaged in  unethical and dishonest practices when selling mutual funds and variable annuities, Reuters reports.

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.

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