Violation Tracker Individual Record

Company: 
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Current Parent Company: 
Bank of America
Penalty: 
$1,000,000
Year: 
2009
Date: 
January 30, 2009
Primary Offense: 
investor protection violation
Violation Description: 

Merrill Lynch, Pierce, Fenner & Smith, Inc. agreed to pay $1 million to settle allegations of misleading pension consulting clients about its money manager identification process and failing to disclose conflicts of interest when recommending them to use two of the firm's affiliated services.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange 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.