Even as the bank advertised the “transparency” about how much it was costing customers to have their money managed, it failed to offer those customers enough information to identify the extra fees they were paying, the S.E.C. The regulator said Morgan Stanley knew that some advisers in the program sent some or even all of their clients’ business to outside brokers, at additional costs that were hidden in the prices of the investments.

Source: New York Times May 12, 2020 16:52 UTC