Securities regulators are fining Morgan Stanley $35 million after its wealth management division failed to protect the personal information for 15 million customers.
Staffers at Morgan Stanley Smith Barney had been keeping customer data on company-managed computer servers and hard drives dating back to 2015, the Securities and Exchange Commission Tuesday. The investment bank in 2016 hired a moving and storage company with no data-destruction experience to delete the data from the devices, according to the agency.
"If not properly safeguarded, this sensitive information can end up in the wrong hands and have disastrous consequences for investors," Grewal said.
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