Defendant Name:
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Defendant Type:
Subsidiary of Public Company
Document Reference:
2023-73
Document Details
Legal Case Name
In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
Document Name
SEC Charges Merrill Lynch for Failing to Disclose Foreign Exchange Fees to Clients
Document Date
03-Apr-2023
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
The Commission stated: "The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith Incorporated for charging advisory clients more than $4 million in undisclosed foreign exchange fees for transfers to or from their accounts. To settle the charges, Merrill Lynch has agreed to pay disgorgement, prejudgment interest, and a civil penalty totaling more than $9.5 million and has agreed to distribute funds to harmed clients."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Fair Funds
Monetary Penalties:
Disgorgement
Individual:
$4,100,000.00
Shared:
Civil Penalty
Individual:
$4,800,000.00
Shared:
Pre-Judgment Interest
Individual:
$760,000.00
Shared:
Total Penalty
Individual:
$9,500,000.00
Shared: