Last updated: 14:35 / Monday, 5 January 2015
Employee Fired

Morgan Stanley Says Employee Misappropriated Wealth Management Data

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Morgan Stanley Says Employee Misappropriated Wealth Management Data
  • Morgan Stanley detected this exposure and the information was promptly removed
  • Overall, partial account information of up to 10 percent of all WM clients was stolen
  • There is no evidence of any economic loss to any client

Morgan Stanley began advising certain Wealth Management clients that an employee had stolen partial client data. The Wealth Management employee has been terminated, and law enforcement and regulatory authorities have been advised of the incident, said the firm in a statement.

While there is no evidence of any economic loss to any client, it has been determined that certain account information of approximately 900 clients, including account names and numbers, was briefly posted on the Internet. Morgan Stanley detected this exposure and the information was promptly removed.

Overall, partial account information of up to 10 percent of all Wealth Management clients was stolen -350,000 clients were affected, according to Bloomberg. The data stolen does not include account passwords or social security numbers. The Firm is taking the precaution of notifying all potentially affected clients and instituting enhanced security procedures including fraud monitoring on these accounts.

All impacted clients are in the process of being contacted by the Firm and their Financial Advisors. A dedicated information line also has been established at 855-398-6437 (U.S. and Canada) or 512-201-2186 (outside the U.S. and Canada).

"Morgan Stanley takes extremely seriously its responsibility to safeguard client data, and is working with the appropriate authorities to conduct and conclude a thorough investigation of this incident".

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