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The firm has been fined by FINRA and will pay restitution for alleged UIT rollover supervisory failures.
FINRA, the self-regulatory authority for broker-dealers, has fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $3.25 million for “failing to reasonably supervise” early unit investment trust rollovers. In addition to the fine, the firm will be paying $8.4 million in restitution to “harmed” customers. In the usual formulation, Merrill Lynch neither confirms nor denies the...
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