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Violation Tracker Individual Record

Company: Merrill Lynch Pierce Fenner & Smith Inc.
Current Parent Company: Bank of America
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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 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: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.