Defendant Name:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bank of America Corporation
SIC Code:
6211
CUSIP:
06050510
Document Reference:
34-75083
Document Details
Legal Case Name
In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corporation
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
01-Jun-2015
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On June 1, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corporation. According to the SEC: "These proceedings concern Merrill's violations of Regulation SHO ('Reg SHO') of the Exchange Act, in connection with its practices relating to its execution of short sales. As described more fully below, the violations arose from two separate issues concerning Merrill's use of its 'easy to borrow' lists."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Various undertakings
Monetary Penalties:
Disgorgement
Individual:
Shared:
$1,566,245.67
Shared with: Merrill Lynch Professional Clearing Corporation
Civil Penalty
Individual:
Shared:
$9,000,000.00
Shared with: Merrill Lynch Professional Clearing Corporation
Pre-Judgment Interest
Individual:
Shared:
$334,564.65
Shared with: Merrill Lynch Professional Clearing Corporation
Other Defendants in Action:
