Morgan Stanley’s sales practices have attracted the ire of Massachusetts’ top securities cop, who charged the firm with "dishonest and unethical conduct,” Reuters reports.

Secretary of the Commonwealth William Galvin accuses the company’s brokers of running contests — which were prohibited by the firm — on sales of securities-based loans, according to the newswire. In all, he says, 30 financial advisors across five Morgan Stanley offices in the Northeast participated in a contest that started in January 2014, Reuters writes.

The contest awarded up to $5,000 for 30 such loans, and, according to Galvin, was monitored by Morgan Stanley supervisors, the publication writes.

As a result of the contest, the firm sold three times as many such loans as the year prior, increasing the firm’s loan balance by $24 million, Reuters writes.

But Galvin also charged that Morgan Stanley’s top ranks not only took until December 2014, or almost a year, to learn about the contest, but also failed to shut it down immediately, Reuters writes.

Another contest allegedly ran from early 2015 until April of that year, he said, according to the newswire.

“This complaint lays bare the culture at Morgan Stanley that bred the high-pressure effort to cross-sell banking products to its brokerage customers without regard for the fiduciary duty owed to the investor,” Galvin said in a statement, the newswire writes.

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A Morgan Stanley spokesman tells Reuters that Galvin’s complaint lacks merit and that all loans were opened after discussions with clients.

High-pressure sales tactics were also behind the current debacle at Wells Fargo, which was fined $190 million last month for failing to stop its retail branch employees from opening two million unauthorized deposit and credit accounts, as reported previously.