Related Documents:
34-101158
25-Sep-2024
Administrative Proceeding
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
On September 25, 2024, the SEC instituted administrative and cease-and-desist proceedings against Merrill Lynch, Pierce, Fenner & Smith Incorporated, stating: "From March 2016 to April 2018 (the “Relevant Period”), Merrill, a registered broker-dealer and investment adviser, failed adequately to inform certain clients that a third-party investment adviser, Harvest Volatility Management LLC (“Harvest”), materially exceeded investment exposure levels specifically designated by such clients in a strategy that Harvest managed."
2024-147
25-Sep-2024
Press Release--Administrative Proceeding
SEC Charges Merrill Lynch and Harvest Volatility Management for Ignoring Client Instructions
On September 25, 2024, the SEC "today announced charges against Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. for exceeding clients’ designated investment limits over a two-year period beginning in March 2016, which resulted in clients paying higher fees, being subjected to increased market exposure, and incurring investment losses."
34-101814
04-Dec-2024
Administrative Proceeding
Extension Order
The Commission ordered that: "the Division’s request for an extension of time until October 31, 2025, to submit a Proposed Plan of Distribution is granted."
34-103849
03-Sep-2025
Administrative Proceeding
Order Appointing Fund Administrator, Setting Administrator's Bond Amount, and Authorizing the Approval and Payment of the Fees and Expenses of Administration
The Commission ordered that: "A. Rust is appointed as the Fund Administrator . . . ; B. Rust shall obtain a bond . . . in the amount of $9,300,000.00; C. the Fund Administrator will submit invoices to the Commission staff for services rendered . . . ; D. . . . OFM is authorized to pay the Fund Administrator’s fees and expenses from the Fair Fund"
34-104426
17-Dec-2025
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
The Commission stated: "Notice is hereby given . . . that the Division of Enforcement has submitted
to the Commission a proposed plan of distribution (the “Proposed Plan”) for the distribution of
monies paid in the above-captioned matter."
Proposed Plan of Distribution
The Commission stated: "The Division of Enforcement submits this Proposed Plan of Distribution (the
“Plan”) to the United States Securities and Exchange Commission (the “Commission”) . . . . This Plan provides for the distribution of a Fair
Fund (the “Fair Fund”) comprised of disgorgement, prejudgment interest, and civil money
penalties paid by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”),1 a
registered broker-dealer and investment adviser, and Harvest Volatility Management LLC
(“Harvest Volatility”),2 a registered investment adviser (collectively, the “Respondents”)"
