Violation Tracker Individual Record
Company:
Merrill Lynch, Pierce, Fenner & Smith, Inc.
Current Parent Company:
Bank of America
Penalty:
$11,650,000
Year:
2021
Date:
June 25, 2021
Offense Group:
financial offenses
Primary Offense:
investor protection violation
Secondary Offense:
financial institution supervision failures
Violation Description:
FINRA ordered Merrill Lynch, Pierce, Fenner & Smith, Inc. to pay more than $8.4 million in restitution to more than 3,000 customers who incurred potentially excessive sales charges in connection with early rollovers of Unit Investment Trusts (UITs). FINRA also fined the firm $3.25 million for failing to reasonably supervise early UIT rollovers.
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
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.
