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
Document Reference:
34-63760
Document Details
Legal Case Name
In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b)(4) and 21C of the Securities Exchange Act of 1934
Document Date
25-Jan-2011
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On January 25, 2011, the SEC filed a settled administrative proceeding against Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill"). According to the SEC: "This matter involves two kinds of misconduct at Merrill. First, Merrill's proprietary traders misused institutional customer order information which was improperly disclosed by the firm's market makers. Second, Merrill traders improperly charged mark-ups and mark-downs on certain riskless principal trades of institutional and high net worth customers for which the firm had agreed to charge only a commission equivalent."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$10,000,000.00
Shared:
