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:
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.
