Morgan Stanley charged with running unethical sales contests: regulator


Massachusetts' top securities regular on Monday charged Morgan Stanley with "dishonest and unethical conduct" for having run high-pressured sales contests in Massachusetts and Rhode Island.

Secretary of the Commonwealth William Galvin charged that Morgan Stanley brokers pushed so-called "securities based loans" in order to boost business.

(Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)