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Merrill Lynch Pays $11M+ to Settle UIT Case

July 15, 2021 by Louis Chunovic

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 >>

Filed Under: Securities Operations, Data Management, Industry News, Operational Risk, Governance, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting, Economic Sanctions, Social Media Tagged With: back office, Bank of America, clearing, FINRA, Merrill Lynch, MLPF&S, performance measurement, regulatory reporting, Securities Operations, Unit Investment Trust, wall street

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