Violation Tracker Individual Record
: Merrill Lynch, Pierce, Fenner & Smith Inc.
Current Parent Company
: Bank of America
Parent at the Time of the Penalty AnnouncementPenalty
to see this data field
: June 4, 2020
: financial offenses
: investor protection violation
: financial institution supervision failures
: FINRA ordered Merrill Lynch, Pierce, Fenner & Smith Inc. to pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions. The firm did not have supervisory systems and procedures reasonably designed to ensure that these customers, who collectively held more than 13,000 Merrill Lynch accounts, received available sales charge waivers and fee rebates.
Level of Government
: agency action
: Financial Industry Regulatory Authority
Civil or Criminal Case
HQ Country of Current Parent
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
Source of Data
: (click here)
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Current parent company note
: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log