Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Merrill Lynch Commodities, Inc.
Current Parent CompanyBank of America
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $24,900,000
Year: 2019
Date: June 25, 2019
Offense Group: financial offenses
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 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.