“The moving company, the AG says, sold the computer equipment at internet auctions without Morgan Stanley’s knowledge.”
Morgan Stanley hired movers to dispose of hardware full of unencrypted customer data, and the movers auctioned it online. A buyer had to call the bank to tell it what it had lost. Millions of customers were potentially exposed, and the bill is $6.5 million split across six states. The cheapest step in the whole mess was wiping the drives.