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:
2018-32
Document Details
Legal Case Name
In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
Document Name
Merrill Lynch Charged With Gatekeeping Failures in the Unregistered Sales of Securities
Document Date
08-Mar-2018
Document Format
Administrative Proceeding
Allegation Type
Securities Offering
Document Summary
On March 8, 2018, the SEC issued a press release announcing "settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
(Penalty was noted in document, but no amount was listed)
Civil Penalty
Individual:
$1,250,000.00
Shared:
Pre-Judgment Interest
(Penalty was noted in document, but no amount was listed)
Disgorgement and Prejudgment interest from commissions and fees earned on improper sales
Individual:
$154,000.00
Shared:
