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Morgan Stanley Brokers Fired Amid Mutual Fund Investigation

Apr 7, 2004 | Baltimore Business Journal

Two Morgan Stanley employees in Baltimore have been let go in connection with a Securities and Exchange Commission investigation into clients' mutual fund trading practices, according to sources close to the matter.

Morgan Stanley dismissed H.W. "Buddy" Buzzerd III, branch manager for Morgan Stanley's Pratt Street office, and broker Chris Glassman after the SEC began looking into market-timing by clients, the source said. Market-timing involves rapid trading, or "in and out" trading, of mutual fund shares. Such trades can hurt results for long-term holders of the funds.

Market timing is not illegal, but it is discouraged, and many companies have rules banning it. As scandals in the mutual fund industry have heated up, regulators have taken a closer look at firms who allow trades that violate their own stated rules.

The firings of Buzzerd and Glassman were first reported Wednesday by the Wall Street Journal. Morgan Stanley spokeswoman Andrea Slattery confirmed Wednesday that the two men were no longer with the firm. She declined comment on the reason for their departure or on any regulatory matters.

SEC regulators visited the Morgan Stanley complex in Lutherville on Monday, sources said. A source close to the matter said that the Buzzerd and Glassman matter is closed, and the SEC's visit was a routine examination of Morgan Stanley's Lutherville complex.

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