Morgan Stanley Is Fined for First Republic C.E.O.’s Stock Sales [The New York Times]
Morgan Stanley (MS)
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Source: The New York Times
In the weeks before his bank collapsed last year, exacerbating the largest banking crisis in a generation, First Republic’s chief executive, James Herbert, was busy selling millions of dollars’ worth of his shares in the company.The sales, which netted the executive and his family nearly $7 million over the roughly six months that preceded First Republic’s demise, were waved through by Mr. Herbert’s personal bankers at Morgan Stanley without their passing any judgment on whether he was trading on insider information,according to a settlementThe trades helped Mr. Herbert avoid a “complete loss,” the settlement said, when First Republic was deemed insolvent andseized by regulatorsAs is customary in such cases, Morgan Stanley did not admit or deny wrongdoing, though it will pay $2 million in fines to the State of Massachusetts, where regulators have been active policing financial services firms. The settlement did not name Mr. Herbert but described the seller of the shares as a “former c
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