Morgan Stanley (NYSE: MS) Shells Out $1 Million Over Hacking

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Financial firm Morgan Stanley has agreed to pay a $1 million fine to settle U.S. Securities and Exchange Commission charges over security shortfalls.

The security shortfall in particular, allowed former employee and financial adviser Galen Marsh, to transfer data regarding roughly 730,000 accounts to his personal server. This server was later hacked.

Marsh accepted a five-year securities industry ban to settle related civil charges. He was also sentenced last December to three years probation after pleading guilty over the data breach.

Disclaimer: We have no position in Morgan Stanley (NYSE: MS) and have not been compensated for this article.