Morgan Stanley Smith Barney, the brokerage venture of Morgan Stanley and Citigroup Inc., was fined $450,000 after a trader amassed a $1.3 billion bet in 2009, Financial Industry Regulatory Authority records show.
The brokerage didn't have enough controls in place to detect that Jared Weinryt, 31, had breached his $116 million trading limit as he made overnight bets on so-called futures, Finra said this month. The trades led to losses for Morgan Stanley Smith Barney of about $14.9 million, according to Finra.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access