Two former financial advisers at Morgan Stanley face a complaint by the Securities and Exchange Commission for allegedly using market-timing techniques to generate nearly $1 million in fees, according to Reuters.

A complaint filed in U.S. District Court in Manhattan states that Darryl Goldstein, 36, and Christopher O'Donnell, 45, engaged in more than 4,000 market-timing trades with a total trading volume exceeding $4.8 billion through 122 brokerage accounts between January 2002 and August 2003.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.