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:
34-105790
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 Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
29-Jun-2026
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On June 29, 2026, the SEC instituted settled administrative and cease-and-desist proceedings against Merrill Lynch, Pierce, Fenner & Smith Incorporated, stating: "From at least April 8, 2020 through September 10, 2024 (the "Relevant Period"), Merrill failed to file certain Suspicious Activity Reports ("SARs") with the U.S. Treasury Department's Financial Crimes Enforcement Network ("FinCEN") in violation of the broker-dealer reporting and recordkeeping provisions of Section 17(a) of the Exchange Act and Rule 17a-8 thereunder."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$7,500,000.00
Shared:
