Violation Tracker Individual Record

Company: 
Merrill Lynch Commodities, Inc.
Current Parent Company: 
Bank of America
Penalty: 
$24,900,000
Year: 
2019
Date: 
June 25, 2019
Primary Offense: 
investor protection violation
Violation Description: 

The Commodity Futures Trading Commission issued an Order filing and simultaneously settling charges against Merrill Lynch Commodities, Inc., a provisionally registered swap dealer, for spoofing, manipulation, and attempted manipulation over a six-year period with respect to certain precious metals futures contracts traded on the Commodity Exchange, Inc. The CFTC imposed monetary sanctions totaling approximately $25 million, including a civil monetary penalty of $11.5 million, over $2.3 million in restitution, and disgorgement of $11.1 million. The restitution and disgorgement amounts were credited against a $25 million parallel criminal settlement with the Justice Department (see separate Violation Tracker entry).

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Commodity Futures Trading Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.