Massachusetts fines Morgan Stanley over Facebook IPO

Morgan Stanley, the lead underwriter for Facebook’s initial public offering, will pay a US$5 million fine to Massachusetts for violating securities laws governing how investment research can be distributed.

Massachusetts’ top securities regulator, William Galvin, charged that a top Morgan Stanley banker had improperly coached Facebook on how to disclose sensitive financial information selectively, perpetuating what he calls ”an unlevel playing field” between Wall Street and Main Street.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1107296/massachusetts-fines-morgan-stanley-over-facebook