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Company: Merrill Lynch, Pierce, Fenner & Smith, Inc.
Current Parent Company:
Bank of America
Parent at the Time of the Penalty Announcement:
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Penalty: $32,400,000
Year: 2014
Date: June 16, 2014
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: 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: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
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:
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Notes: 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
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