The settlement with Morgan Stanley is the latest in a string of actions by William Galvin, Secretary of the Commonwealth of Massachusetts, who has aggressively pursued securities violations.
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Massachusetts Secretary of State William Galvin said the strategy is a ploy to escape responsibility and civil penalties for the money fund's collapse if the Bents lose a jury verdict.
The subpoena was served by Secretary of the Commonwealth William Galvin and seeks information about whether the leading Wall Street firm received secret payments from insurance companies to sell their variable annuity products.
"This is clearly a smoking gun in the area of criminal responsibility, especially as it pertains to Mr. Quattrone, " Massachusetts Secretary of State William Galvin , the state's top securities regulator, told USA Today.
William Galvin, the secretary of the commonwealth, charged UBS Securities Wednesday with several counts of dishonest and unethical business activities and failure to supervise employees after months of investigation into the firm's hedge fund hotel operations.
Massachusetts Secretary of the Commonwealth William Galvin is trying to have Cohmad's broker-dealer registration revoked and has taken aim at several of its employees, including Robert Jaffe, the stockbroker who was a major recruiter of Madoff investors.
Massachusetts securities regulator, William Galvin, said Tuesday he had demanded records of what went into analyst research at UBS and Bear Stearns on New Century and the subprime sector, citing a surge in foreclosures in his home state.
"This case highlights a conflict of interest that arose between UBS and its customers and the devastating effect that such conflict had on those customers, " says the complaint by William Galvin, Massachusetts's top securities regulator, who has targeted Wall Street for alleged misdeeds in the credit crisis.
Two days ago, Forbes first reported that Morgan Stanley had been served earlier with a subpoena by Massachusetts Secretary of the Commonwealth William Galvin seeking details of its variable annuity sales, including revenue-sharing arrangements, compensation, whether the products receive preferred sales treatment, commission schedules, prospectuses and documents for internal use only (see: " Morgan Stanley Subpoenaed Over Annuity Sales").
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