Why Morgan Stanley (MS) Stock Is Down Today

NEW YORK (TheStreet) -- Morgan Stanley  (MS) 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.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The stock was down 1.3% to $29.68 at 11:59 a.m.

MS Chart

MS data by YCharts

STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

If you liked this article you might like

Morgan Stanley Is Using Snapchat to Recruit College Students and Make Them Rich

WeWork Claims Work as a Concept in Suit Against Chinese 'Copycat'

Citi Trading Revenue May Dive 15% as Goldman Cites 'Challenging' Bond Market

How to Make Easy Money on Apple's iPhone X Worldwide Reveal: Market Recon

Veteran Forecaster Dick Bove Reveals When You Should Buy Tanking Bank Stocks