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Violation Tracker Individual Record

Company: Merrill Lynch, Pierce, Fenner & Smith, Inc.
Current Parent Company: Bank of America
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
Penalty: $11,650,000
Year: 2021
Date: June 25, 2021
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: FINRA ordered Merrill Lynch, Pierce, Fenner & Smith, Inc. to pay more than $8.4 million in restitution to more than 3,000 customers who incurred potentially excessive sales charges in connection with early rollovers of Unit Investment Trusts (UITs). FINRA also fined the firm $3.25 million for failing to reasonably supervise early UIT rollovers.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.