Violation Tracker Individual Record

Company: 
Merrill Lynch Pierce Fenner & Smith Inc.
Current Parent Company: 
Bank of America
Penalty: 
$25,930,000
Year: 
2012
Date: 
February 10, 2012
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

Merrill Lynch agreed to pay $30,000 in costs and set up a fund with $25,900,000 in settlement of allegations it failed to supervise an investment adviser and sold unsuitable life insurance policies for pre-need funeral contracts. The fund was for reimbursement of commissions paid and to offset losses or costs suffered by the pre-need life insurance trust and its beneficiaries.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Illinois Secretary of State-Securities
Civil or Criminal Case: 
civil
Facility State: 
Illinois
HQ Country of Parent: 
USA
HQ State of Parent: 
North Carolina
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
banking
Specific Industry of Parent: 
financial services
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.