Morgan Stanley pays $5 million fine to settle SEC charges it misled investing clients
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(Reuters) - A unit of Morgan Stanley agreed to pay a $5 million(4.04 million pounds) fine to settle U.S. Securities and Exchange Commission charges it misled retail investing clients about the costs of a "wrap fee" program, the regulator said on Tuesday.Wrap fee programs offer accounts in which clients pay asset-based fees meant to cover investment advice and brokerage services, including the execution of trades.The SEC said that while Morgan Stanley Smith Barney promised wrap fee clients a..