WASHINGTON — The Financial Industry Regulatory Authority has fined Morgan Stanley $1 million and ordered it to pay $371,476 in restitution to customers for excessive markups and markdowns on municipal and corporate bonds.

FINRA said that it found markups and markdowns ranging from below 5% to 13.8%, which it said were higher than warranted taking into account various factors, including market conditions, the cost of executing the transactions, and the value of the services rendered to the customers.

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