Defendant Name:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bank of America Corporation
SIC Code:
6029
CUSIP:
06050510
Initial Case Details
Legal Case Name
In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
First Document Date
25-Sep-2024
Initial Filing Format
Administrative Action
File Number
3-22173
Allegation Type
Investment Advisers/Investment Companies
Violations Alleged
•
Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7
Resolutions
First Resolution Date
25-Sep-2024
Headline Total Penalty and Disgorgement
See Related Documents
Related Documents:
34-101158
25-Sep-2024
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and 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
On September 25, 2024, the SEC instituted administrative and cease-and-desist proceedings against Merrill Lynch, Pierce, Fenner & Smith Incorporated, stating: "From March 2016 to April 2018 (the “Relevant Period”), Merrill, a registered broker-dealer and investment adviser, failed adequately to inform certain clients that a third-party investment adviser, Harvest Volatility Management LLC (“Harvest”), materially exceeded investment exposure levels specifically designated by such clients in a strategy that Harvest managed."
2024-147
25-Sep-2024
Press Release--Administrative Proceeding
SEC Charges Merrill Lynch and Harvest Volatility Management for Ignoring Client Instructions
On September 25, 2024, the SEC "today announced charges against Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. for exceeding clients’ designated investment limits over a two-year period beginning in March 2016, which resulted in clients paying higher fees, being subjected to increased market exposure, and incurring investment losses."
34-101814
04-Dec-2024
Administrative Proceeding
Extension Order
The Commission ordered that: "the Division’s request for an extension of time until October 31, 2025, to submit a Proposed Plan of Distribution is granted."
Order Appointing Tax Administrator
The Commission ordered that: "Miller Kaplan Arase
LLP is appointed as the Tax Administrator for the combined QSF in the above-referenced
proceedings."
