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 16, 2014
: financial offenses
: investor protection violation
: The Financial Industry Regulatory Authority fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $8 million for failing to waive mutual fund sales charges for certain charities and retirement accounts. FINRA also ordered Merrill Lynch to pay $24.4 million in restitution to affected customers, in addition to $64.8 million the firm has already repaid to disadvantaged investors.
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)
: FINRA is a securities industry self-regulatory body authorized by the federal government.
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Current parent company note
: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log