Morgan Stanley has agreed to pay a $650,000 fine, and Scottrade $300,000, in settling Finra allegations that the firms failed to properly supervise wire transfers.

The firms neither admitted nor denied wrongdoing.

The Financial Industry Regulatory Authority alleged that from June 2009 through November 2014, Morgan Stanley failed to adequately oversee outgoing wire transfers and checks. As a result, three of its brokers were able to steal nearly $500,000 from clients.

In the settlement agreement released Monday, Finra said it had cited Morgan Stanley in December 2011 for deficiencies in supervising multiple wire transfers to single third-party accounts, but the firm only implemented a report to detect these types of transfers three years later.

“Upon discovering the misconduct, the employees were terminated and the affected customers were made whole,” said Morgan Stanley spokesman James Wiggins in an e-mail. “The firm reported the misconduct to the authorities and cooperated fully with Finra.”

Morgan Stanley has since established additional controls, he added.

In Scottrade’s case, Finra charged that from October 2011 through October 2013, the firm failed to confirm with customers wire transfers of $500,000 or less.

Scottrade was warned by Finra in 2011 that its supervision was deficient, but did not take corrective action until October 2013, Finra said in its settlement agreement.

“In 2013, Scottrade strengthened the procedures and supervision surrounding third-party wire transfers,” said Scottrade spokesman Whitney Ellis in an emailed statement. “We are confident that these changes have significantly improved the firm’s notification process for third-party wires.”