Defendant Name:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bank of America Corporation
SIC Code:
6021
CUSIP:
06050510
Initial Case Details
Legal Case Name
In the Matter of Merrill Lynch, Pierce, Fenner & Smith Inc.
First Document Date
30-Jan-2009
Initial Filing Format
Administrative Action
File Number
3-13357
Allegation Type
Investment Advisers/Investment Companies
Violations Alleged
•
Sections 204, 206(2) Advisers Act; Rule 204-2(a)(14) Advisers Act
Resolutions
First Resolution Date
30-Jan-2009
Headline Total Penalty and Disgorgement
$1,000,000
Related Documents:
IA-2834
30-Jan-2009
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order as to Merrill Lynch, Pierce, Fenner & Smith, Inc.
The SEC stated: "From at least 2002 through 2005, Merrill Lynch, through its pension consulting services advisory program, breached its fiduciary duty to certain of the firm's pension fund clients and prospective clients by misrepresenting and omitting to disclose material information."
2009-13
30-Jan-2009
Litigation Release--Mentions Administrative Proceeding
SEC Charges Merrill Lynch With Misleading Pension Consulting Clients
The SEC stated that: "[It] charged Merrill Lynch, Pierce, Fenner & Smith, Inc. and
two of its former investment adviser representatives with securities laws
violations for misleading pension consulting clients about its money
manager identification process and failing to disclose conflicts of interest
when recommending them to use two of the firm's affiliated services. Merrill
Lynch has agreed to settle the SEC's charges and pay a $1 million penalty."
33-9003
30-Jan-2009
Administrative Proceeding
Order Under Section 27A(b) of the Securities Act of 1933, and Section 21E(b) of the Securities Exchange Act of 1934, Granting Waivers of the Disqualification Provisions of Section 27A(b)(1)(A)(ii) of the Securities Act of 1933 and Section 21E(b)(1)(A)(ii) of the Securities Exchange Act of 1934
The Commission stated: "IT IS ORDERED . . . that a waiver from the disqualification provisions of Section 27A(b)(1)(A)(ii) of the Securities Act, and Section 21E(b)(1)(A)(ii) of the Exchange Act as to Merrill Lynch resulting from the Commission's Order Instituting Administrative and Cease-and-Desist Proceedings is hereby granted."
33-9004
30-Jan-2009
Administrative Proceeding
Order Under Rule 602(e) of the Securities Act of 1933 Granting a Waiver of the Rule 602(c)(3) Disqualification Provision
The SEC stated: "IT IS ORDERED, pursuant to Rule 602(e) under the Securities Act, that a waiver from the application of the disqualification provision of Rule 602(c)(3) under the Securities Act resulting from the entry of the Order is hereby granted."
