Morgan Stanley has agreed to pay $1 million to settle charges that it didn't properly protect customer data after former employee Galen Marsh illegally tapped its computer system and took home client information from about 730,000 customer accounts between 2011 and 2014. Morgan Stanley neither admitted nor denied the Securities and Exchange Commission's findings – that the system was "ineffective" in limiting certain access and that an audit would "likely have revealed the deficiencies." Morgan Stanley has not conducted an audit since the system was created 10 years ago, the paper says. The bank said in a statement that no fraud took place as a result of the breach and that it changed account numbers and offered credit monitoring services to the affected clients. The SEC Wednesday suspended Marsh from working in the securities industry for at least five years. In December he was sentenced to three years of probation.