When crypto companies allegedly scam their clients, it’s often a disaster for the kids and old folks who are convinced to “invest.” But we expect better, much better, from Merrill Lynch, Pierce, Fenner & Smith, a pillar of the financial services world. That’s one reason it’s troubling to learn that the U. S. Securities and… Read More >>
Merrill Lynch to Give Back $15.2M to Customers
FINRA, the self-regulatory organization for broker-dealers, has ordered Merrill Lynch, Pierce, Fenner & Smith (MLPF&S) to pay $15.2 million-plus to “thousands of customers who purchased Class C mutual fund shares when Class A shares were available at substantially lower costs.” Looking at it from street level, you might be reminded of the shell game separating… Read More >>
Merrill Lynch Pays $11M+ to Settle UIT Case
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… Read More >>
Merrill Lynch Pays $8M to Settle ADR Allegations
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… Read More >>
Merrill Lynch Fined Over Allegations via IPO Sales
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… Read More >>
Merrill Lynch Unit Selects FactSet’s Market Data Wares
Merrill Lynch’s wealth management group will be changing market data providers after a two-year review of its data needs, which will mean a move away from the offerings of Thomson Reuters to the deployment of FactSet’s market data products. The agreement is an expansion of a previous relationship between Merrill Lynch and FactSet, a provider… Read More >>
Merrill Lynch to Repay Clients $10.5M via RMBS Case
Merrill Lynch, Pierce, Fenner & Smith Inc. is settling with the SEC over the regulator’s charges that traders and salespeople of the firm misled customers, causing them to overpay for non-agency, residential mortgage-backed securities (RMBS) from 2009 to 2012. “Without admitting or denying the findings, Merrill Lynch agreed to be censured, pay a penalty of… Read More >>
Merrill Lynch Fined $26M on AML Deficiency Charges
Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined a total of $26 million — $13 million by the SEC and another $13 million by the Financial Industry Regulatory Authority (FINRA) — for mismanaging its anti-money laundering (AML) responsibilities, especially after becoming part of Bank of America in 2009. In response to the fines… Read More >>
Merrill Lynch Fined $45M for Derivatives Reporting Failures
The U.K.’s Financial Conduct Authority (FCA) has fined Bank of America — Merrill Lynch (BAML) £34.5 million ($45.7 million) for failing to report derivatives transactions between 2014 and 2016. The enforcement action — which relates to 68.5 million exchange traded derivative transactions — is the first of its kind against a firm for failing to… Read More >>
Merrill Lynch Fined Over Charges of Inadequate Supervision
The Financial Industry Regulatory Authority (FINRA) reports that it has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6.25 million, for “inadequately supervising its customers’ use of leverage in their Merrill brokerage accounts.” In addition, the firm will pay approximately $780,000 in restitution. Merrill Lynch neither admitted nor denied the charges, FINRA says. Merrill Lynch,… Read More >>
