1. Michael Essany's Avatar


    Financial titan Morgan Stanley is being slapped with a $4 million fine in response to allegedly violating an SEC market rule through what the press has deemed "rogue Apple trades."

    If you've tuned in to CNBC at any point today, you're likely familiar with what happened. As it goes, the regulatory agency blasted Morgan Stanley in an announcement saying the company did not manage to appropriately maintain credit limits for a customer firm "with a rogue trader who engaged in fraudulent trading of Apple stock."

    "Morgan Stanley has updated its written procedures to address the issue identified in the SEC's Order and is pleased to have this matter behind it," a rep for Morgan Stanley was subsequently quoted by CNBC.

    Although rogue trading is curbed and penalized wherever detected, you're correct if you're assuming that AAPL is a big magnet for traders looking to bend the rules. AAPL is a hot commodity on Wall Street and more than a few traders have proven overzealous about capitalizing on this reality without playing by the rules.

    Source: CNBC
    2014-12-11 08:41 PM
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