Morgan Stanley & Co. has agreed to pay a $7.5 million civil penalty as part of a settlement with the SEC over allegations that the firm violated the regulator’s Customer Protection Rule. The rule governs “customers’ cash and securities so that they can be promptly returned should the broker-dealer fail,” SEC officials say. However, “complex… Read More >>
SEC Fines Merrill Lynch $415M for Misusing Customer Cash
The SEC reports that Merrill Lynch has admitted to illegally using billions of dollars of its customers’ money, on a weekly basis from 2009 until last year, to finance its own trades. The well-known brokerage, owned by Bank of America Corp., will pay a $415 million penalty and admits wrongdoing to settle charges that it… Read More >>
