Violation Tracker Individual Record

Company: 
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Current Parent Company: 
Bank of America
Penalty: 
$4,000,000
Year: 
2019
Date: 
November 6, 2019
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

Merrill Lynch, Pierce, Fenner & Smith Incorporated agreed to pay a total of approximately $4 million in restitution to customers who incurred excess fees on their investments in 529 savings plans based on the firm's failures to reasonably supervise 529 plan share-class recommendations.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
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
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

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.