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The firm has settled with the SEC over charges that it improperly borrowed pre-released ADRs from other brokers.
Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $8 million to settle charges of improper administration of “pre-released” American depositary receipts (ADRs), the Securities and Exchange Commission (SEC) reports. Merrill Lynch neither admits nor denies the SEC’s findings, but did submit an “Offer of Settlement.” In it, the firm agreed to pay...
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