NEW YORK (TheStreet) -- Morgan Stanley (MS - Get Report) fell Tuesday after a U.S. regulator fined the company's wealth management unit $5 million for failures in the supervision of 83 initial public offerings, including Facebook (FB) and Yelp (YELP).
The Financial Industry Regulatory Authority (FINRA) said in a press release Morgan Stanley Smith Barney did not have adequate training and proper procedures from Feb. 16, 2012 to May 1, 2013 to ensure sales staff clearly defined the differences between "indications of interest" and "conditional offers" when talking to potential investors.
Morgan Stanley Smith barney neither admitted to nor denied the charges but consented to the entry of FINRA's findings.
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