SEC fine would be one of the largest related to document retention; Morgan Stanley reportedly claims it did not intentionally destroy or overwrite email it was supposed to keep.
The Securities and Exchange Commission may fine Morgan Stanley $10 million, or even more, for failing to preserve email documents that may have been relevant to SEC cases, reported The Wall Street Journal.
The commission first proposed a $10 million fine in January, but the Journal reported that at a meeting last week with bank representatives, SEC staffers said that figure could rise because the agency continues to uncover problems at the firm. Reportedly, Morgan Stanley pleaded for leniency during the meeting, citing its efforts to change policy and procedure under new leadership, and asked that the penalty be no more than $5 million.
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