Violation Tracker Individual Record

Company: 
Merrill Lynch, Pierce, Fenner & Smith Inc.
Current Parent Company: 
Bank of America
Penalty: 
$26,250,000
Year: 
2020
Date: 
December 7, 2020
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Merrill Lynch agreed to pay a $1,750,000 fine, $250,000 in costs and $24,250,000 in restitution in settlement of allegations it failed to properly supervise the activity of its agent, leading to overcharging and excessive and unsuitable trading.

Level of Government: 
state
Action Type: 
agency action
Agency: 
New Hampshire Bureau of Securities Regulation
Civil or Criminal Case: 
civil
Facility State: 
New Hampshire
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.