(Bloomberg) -- Morgan Stanley was fined $1 million by the U.S. Securities and Exchange Commission to settle allegations that it failed to protect customer data improperly taken by a former financial adviser.
The bank failed to adopt federally required written policies and procedures to protect customer data, the SEC said in a statement Wednesday. As a result of the failures, from 2011 to 2014, Galen Marsh was able to access confidential information and transfer data on approximately 730,000 accounts to his personal server, which was ultimately hacked by third parties,” the agency said.
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