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 >>
FINRA Fines Broker $2.8M for Audit Trail Violations
Broker-dealer Merrill Lynch, Pierce, Fenner and Smith (MLPF&S) will be paying a $2.8 million fine to the self-regulatory organization, the Financial Industry Regulatory Authority (FINRA), for a variety of alleged reporting violations over several years that the firm acknowledges it is addressing. FINRA officials say they are citing MLPF&S for systemic trade reporting problems, including… Read More >>
