Merrill to pay $1 mn civil fine in settlement with SEC
The Securities and Exchange Commission says Merrill neither admitted nor denied the violations, which the agency says occurred from 2002 through 2005.
By Agencies |
WASHINGTON: Merrill Lynch is paying a $1 million civil fine to settle with federal regulators who accused the company of misleading pension consulting clients and failing to disclose conflicts of interest in recommending the use of its affiliated services.
The Securities and Exchange Commission says Merrill neither admitted nor denied the violations, which the agency says occurred from 2002 through 2005.
Merrill, which was acquired by Bank of America Corp. earlier this month, did agree to be censured and to refrain from future violations of the securities laws.
The SEC says Merrill failed to disclose conflicts of interest when recommending that clients direct their money managers to execute trades through the brokerage firm.
The Securities and Exchange Commission says Merrill neither admitted nor denied the violations, which the agency says occurred from 2002 through 2005.
Merrill, which was acquired by Bank of America Corp. earlier this month, did agree to be censured and to refrain from future violations of the securities laws.
The SEC says Merrill failed to disclose conflicts of interest when recommending that clients direct their money managers to execute trades through the brokerage firm.
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