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FINRA fines BofA-Merrill Lynch subsidiary over charges of improper sales via Facebook, General Motors, LinkedIn and Twitter IPOs.
The Financial Industry Regulatory Authority (FINRA) reports that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. for allegedly “improperly selling shares” in initial public offerings, or IPOs, to “industry insiders, including its employees’ immediate family members and customers who were brokers at other brokerage firms.” The firm, which offers broker-dealer and investment advisory...
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