Violation Tracker Individual Record

Company: 
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Current Parent Company: 
Bank of America
Penalty: 
$250,000
Year: 
2004
Date: 
July 19, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

NASD announced today that it has censured and fined Citigroup Global Markets, Inc. (formerly Salomon Smith Barney); Merrill Lynch, Pierce, Fenner & Smith Incorporated; and Morgan Stanley DW Inc. $250,000 each for failing to comply with their discovery obligations in 20 arbitration cases during the period 2002 through 2004.

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. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.