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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: $2,121,579
Year: 2013
Date: July 31, 2013
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: Merrill Lynch agreed to pay $500,000 to the Investor Education and Protection Fund and $89,055 in restitution and write off $1,532,524 of debt in Client Accounts in settlement of allegations it failed to adequately supervise an investment advisor alleged to have defrauded clients.
Level of Government: state
Action Type: agency action
Agency: Missouri Secretary of State-Securities
Civil or Criminal Case: civil
Facility State: Missouri
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.