Defendant Name:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Bank of America Corporation
SIC Code:
6029
CUSIP:
06050510
Document Reference:
34-97242
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, Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and 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
Document Date
03-Apr-2023
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
On April 3, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against Merrill Lynch, Pierce, Fenner & Smith Incorporated, stating: "These proceedings arise out of undisclosed fees that Merrill charged its advisory
clients for transfers of funds to or from their advisory accounts requiring foreign currency
exchanges (“Foreign Currency Exchanges”) from at least May 12, 2016 through June 29, 2020 (the
“Relevant Period”)."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$4,134,610.00
Shared:
Civil Penalty
Individual:
$4,800,000.00
Shared:
Pre-Judgment Interest
Individual:
$760,104.00
Shared:
Total Penalty
Individual:
$9,694,714.00
Shared:
