Morgan Stanley Smith Barney LLC will pay $1 million to settle charges that it failed to adequately protect customer information, allowing an employee to take home confidential data that was later targeted in a cyberattack and offered for sale online.
The U.S. Securities and Exchange Commission formally accepted the Wall Street firm’s settlement offer Wednesday, about six months after Galen J. Marsh, a former Morgan Stanley financial adviser, was sentenced to three years of probation for downloading customer information and transferring it to a personal server between 2011 and 2014.
