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September 12, 2007
Regulator charges Morgan Stanley over Cold Calls
Massachusetts’ top securities regulator has charged Morgan Stanley and two Boston employees with illegally contacting clients by cold-calling people who posted resumes on the CareerBuilder.com Web site.
William Galvin, Massachusetts’ Secretary of the Commonwealth, said Arlen Jay Fox, a broker in Morgan Stanley’s Boston office, combed through more than 1,000 resumes posted on CareerBuilder.com between August 2005 and December 2006 after his boss, David Swartz, gave him a password to access the information.
He then used the information to cold-call potential clients.
"The resumes were chock-full of valuable information, such as employment history (suggesting potential sources of 401(k) transfers), recent salary levels and vital contact information, such as cell phone telephone numbers that might not otherwise be published," Galvin said in a statement.
He said the two Morgan Stanley employees breached the terms of the firm’s contract with CareerBuilder and violated national and state do-not-call lists, where people can ask not to be solicited by phone.
Morgan Stanley called the matter an "isolated instance in one office involving a single financial advisor," and said it is cooperating with Galvin's investigation.
Posted by Melanie Rodier at 04:05 PM
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