![]() During the 1980s, the company was known for its television commercials featuring actor John Houseman, with the catchphrase, "They make money the old-fashioned way. In 1982, SBHU Holdings was renamed Smith Barney Inc. to form Smith Barney, Harris Upham & Co., which, in 1977, was placed under SBHU Holdings, a holding company. In 1975, Smith Barney merged with Harris, Upham & Co. Smith & Co., founded in 1892 became a significant player in securities underwriting in 1934 when the firm absorbed the professionals from the securities business of Guaranty Trust Company, following the passage of the Glass Steagall Act. ![]() Barney in 1873 following the failure of its predecessor Jay Cooke & Company. Barney & Co., a New York and Philadelphia based firm, was founded by Charles D. was formed in 1938 through the merger of Charles D. The broker-dealer designation for Morgan Stanley Wealth Management will remain "Morgan Stanley Smith Barney LLC". wealth management business was renamed "Morgan Stanley Wealth Management". On September 25, 2012, Morgan Stanley announced that its U.S. Clients range from individual investors to small- and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations. The combined brokerage house has 17,646 financial advisors and manages $2 trillion in client assets. On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. It is the wealth & asset management division of Morgan Stanley. The investment banking firm - no stranger to data breaches - admitted that attackers stole personal information of its customers by hacking into an Accellion server of a third-party vendor, which it uses for file-sharing and transfers.Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. News of the SEC’s fine comes after Morgan Stanley was caught up in a data breach last year as a result of the Accellion hack. ![]() “We have previously notified applicable clients regarding these matters, which occurred several years ago and have not detected any unauthorized access to, or misuse of, personal client information,” said Susan Siering, a spokesperson for Morgan Stanley. In a statement given to TechCrunch, Morgan Stanley didn’t admit or deny the findings but said it is “pleased to be resolving this matter.” Today’s action sends a clear message to financial institutions that they must take seriously their obligation to safeguard such data.” “If not properly safeguarded, this sensitive information can end up in the wrong hands and have disastrous consequences for investors. Grewal, director of the SEC’s Enforcement Division. Customers entrust their personal information to financial professionals with the understanding and expectation that it will be protected, and MSSB fell woefully short in doing so,” said Gurbir S. “MSSB’s failures in this case are astonishing. The regulator added that, during this process, MSSB learned that the local devices being decommissioned had been equipped with encryption capability but had failed to activate the encryption software. The SEC also alleged that Morgan Stanley lost track of 42 servers that potentially contained unencrypted customer data when it decommissioned local office and branch servers as part of a hardware refresh program. “While MSSB recovered some of the devices, which were shown to contain thousands of pieces of unencrypted customer data, the firm has not recovered the vast majority of the devices,” the SEC said in a statement. Some of the hard drives were later found on an internet auction site with customers’ personal data still stored within. Morgan Stanley hired a moving and storage company with “no experience or expertise in data destruction services,” according to the SEC and failed to properly monitor the moving company’s work. ![]() MSSB, now known as Morgan Stanley Wealth Management, is the wealth and asset management division of banking giant Morgan Stanley, which this week agreed to pay $35 million to settle allegations that it failed to properly dispose of hard drives and servers containing its customers’ personal data over a five-year period as far back as 2015. Securities and Exchange Commission has agreed to settle charges against Morgan Stanley Smith Barney (MSSB) for its “astonishing” failure to protect the personal identifying information of some 15 million customers.
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