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For Front Running at Morgan Stanley Passi Gets Deferred Prosecution Agreement Not a Felon

by Matthew Russell Lee, Patreon Book Substack

SDNY COURTHOUSE, Jan 12 –  Morgan Stanley conspired in front-running from 2018 to 2021 and on January 12 got a non prosecution agreement and fine.

Senior official Pawan Passi got a deferred prosecution agreement and, to ensure no felony record, formally pled not guilty before U.S. District Court for the Southern District of New York Magistrate Judge Robyn F. Tarnofsky. Inner City Press live tweeted, thread:

All rise! Milbank for Pawan Passi [3 lawyer at defense table] Judge Tarnofsky: You are charged in an information...We will address your conditions of release. [Pre-Trial Services is here, but no formal court reporter] 

 Judge: You are charged with securities fraud. Passi: Not guilty. Defense: We've entered a deferred prosecution agreement. Judge: OK, no Brady [5f] order. 

 DOJ, giving thr DPA deal, says Passi promised sellers of equity blocks MORGAN STANLEY would keep info on their potential sales confidential, knowing that he would disclose that info to buy-side investors who usedthe info to trade in advance of the block sales. 

 Judge: DOJ can release you from supervision at any time, do you understand? Passi: Yes. Judge: You are released on your own recognisance. Control date May 13.

It's signed and done. 

  Deferred Prosecution Agreement on Patreon here.

The case is US v. Passi, 24-cr-21 (Torres)


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