Defendant Name: Merrill Lynch, Pierce, Fenner & Smith Incorporated

Defendant Type: Subsidiary of Public Company

Document Reference: 2019-40

Document Details

Legal Case Name In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
Document Name Merrill Lynch to Pay Over $8 Million for Improper Handling of ADRs
Document Date 22-Mar-2019
Document Format Administrative Proceeding
File Number 3-19114
Allegation Type Broker Dealer
Document Summary The SEC stated that: "Merrill Lynch, Pierce, Fenner & Smith Incorporated will pay over $8 million to settle charges of improper handling of 'prereleased' American Depositary Receipts (ADRs)."

Disgorgement & Penalty Information

Resolutions
None Specified
Monetary Penalties:

Disgorgement

Individual:     $4,400,000.00 Shared:    

Civil Penalty

Individual:     $2,890,000.00 Shared:    

Pre-Judgment Interest

Individual:     $724,000.00 Shared:    

Total Penalty

Individual:     $8,000,000.00 Shared:    

Related Documents:

34-85395 22-Mar-2019 Administrative Proceeding
Order Instituting Administrative Proceedings, Pursuant to Section 15(b)(4) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions
On March 22, 2019, the SEC issued an order against Merrill, Lynch, Pierce, Fenner & Smith Incorporated, stating: "These proceedings arise out of Merrill's improper practices with respect to securities lending transactions involving pre-released American Depositary Receipts ("ADRs")."