Merrill Lynch, Pierce, Fenner & Smith, Eagle Strategies and Cozad Asset Management ordered to reimburse investors LeapRate

April 20, 2020 BY Steffy Bogdanova

Merrill Lynch, Pierce, Fenner & Smith, Eagle Strategies and Cozad Asset Management ordered to reimburse investors

C. Dabney O’Riordan, Co-Chief of the Asset Management Unit said: This incredibly successful initiative led to the return of almost $140 million to harmed investors, stopped wrongful conduct, and highlighted the importance of an adviser’s obligations to provide full and fair disclosures to clients. We continue to actively pursue disclosure failures that financially benefit the…

August 20, 2018 BY LeapRate Staff

Merrill Lynch pays $8.9M to settle conflict of interest advisory charges

The U.S. Securities and Exchange Commission (SEC) has announced that Merrill Lynch, Pierce, Fenner & Smith has agreed to pay approximately $8.9 million to settle charges that it failed to disclose a conflict of interest arising out of its own business interests in deciding whether to continue to offer clients products managed by an outside third-party advisory…

June 19, 2018 BY LeapRate Staff

Merrill Lynch fined $42 million over trade order masking

The U.S. Securities and Exchange Commission (SEC) has announced that it has charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty. According to the SEC’s order, Merrill Lynch falsely informed customers that it…

June 13, 2018 BY Valentina Kirilova

Merrill Lynch charged for failure to supervise RMBS traders

The Securities and Exchange Commission (SEC) announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately…

March 08, 2018 BY Valentina Kirilova

Merrill Lynch fined $1.25 million for failures in the unregistered sales of securities

The Securities and Exchange Commission (SEC) has announced settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. company for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates. The SEC’s order found that Merrill Lynch sold almost three million shares of…

December 19, 2017 BY Valentina Kirilova

FINRA fines Merrill Lynch $1.4 million for supervisory deficiencies

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated $1.4 million for failing to establish a reasonable supervisory system and procedures to identify and evaluate extended settlement transactions, and for related rule violations. Extended settlement transactions have a longer time between trade and settlement than…

September 25, 2017 BY LeapRate Staff

Merrill Lynch gets $2.5 million CFTC fine for failures related to a CME Group investigation

The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and simultaneously settling charges against Merrill, Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch), a registered Futures Commission Merchant and a unit of Bank of America Corp (NYSE:BAC), for failing to supervise its employees’ and agents’ handling of the firm’s response to a CME Group…

November 30, 2016 BY admin

FINRA sanctions Merrill Lynch $7 million for inadequate supervision of leverage in customer brokerage accounts

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6.25 million and the firm will pay approximately $780,000 in restitution for inadequately supervising its customers’ use of leverage in their Merrill brokerage accounts. Merrill “loan management accounts” (LMAs) are lines of credit that allow the…

October 18, 2016 BY LeapRate Staff

Merrill Lynch fined $2.8 million by FINRA for trade reporting violations

U.S. securities regulator FINRA (Financial Industry Regulatory Authority) has announced that it has fined the Merrill Lynch, Pierce, Fenner and Smith Inc. unit of Bank of America Corp (NYSE:BAC) $2.8 million for systemic trade reporting, Order Audit Trail System (OATS) reporting, books and records, and related supervisory violations that occurred over a period of several years.…

September 27, 2016 BY Valentina Kirilova

Merrill Lynch charged with trading controls failures that led to mini-flash crashes

The Securities and Exchange Commission (SEC) has announced that banking company Merrill Lynch has agreed to pay a $12.5 million penalty for maintaining ineffective trading controls that failed to prevent erroneous orders from being sent to the markets and causing mini-flash crashes. An SEC investigation found that Merrill Lynch caused market disruptions on at least 15 occasions…

Tag: Merrill Lynch