Precious Metals Déjà Vu For Morgan Stanley? (Fraud Redux)

In 2007, Morgan Stanley paid $4.4 million after being accused by its own clients of only pretending to purchase bullion on their behalf, and then charging them "storage fees" on this imaginary bullion -- a blatant act of fraud (as alleged). However, in 2012 while Morgan Stanley is once again charging its clients "storage fees" for the bullion they think they are buying for themselves, it is no longer even pretending to store any bullion on their behalf.