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

Defendant Type: Subsidiary of Public Company

Document Reference: 2009-13

Document Details

Legal Case Name In the Matter of Merrill Lynch, Pierce, Fenner & Smith Inc.
Document Name SEC Charges Merrill Lynch With Misleading Pension Consulting Clients
Document Date 30-Jan-2009
Document Format Administrative Proceeding
File Number 3-13357
Allegation Type Investment Advisers/Investment Companies
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Censured
Monetary Penalties:

Civil Penalty

Individual:     $1,000,000.00 Shared:    

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."
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."

Related Actions:

In the Matter of Michael A. Callaway
Michael A. Callaway
In the Matter of Jeffrey Swanson
Jeffrey Swanson