Morgan Stanley Wealth Management

James Gorman earned $22.5 million after the firm made progress toward financial targets and its stock rose by a third.

An ongoing heavy focus on the business unit has benefited the overall firm.

James Gorman laid out plans for the wealth management unit, which turned in record earnings for the fourth quarter.

Coding and other billing system errors were to blame, according to the regulator.

An internal memo informs the firm's 15,000 advisers about the move, which builds on management changes made earlier this year.

Plus: A Morgan Stanley grab totals $410 milllion in combined AUM and more than 30 other job changes.

The new recruit, who started with the wirehouse's predecessor firm Smith Barney, has been in the industry since the late 1990s.

The recruit leaves a team led by a past On Wall Street Top 40 Under 40 adviser.

The firm was accused of using transactions with an affiliate to reduce the amount it was required to keep in its customer reserve account.

The fast-growing firm has recruited 25 advisers this year, and is affiliated with Raymond James.