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Merrill Lynch pays $425MM for abuses

06/23/2016
Fine Amount: 
$425 million
Penalty Type: 
Issued by: 

The SEC has announced that Merrill Lynch has agreed to pay $415 million and admit wrongdoing to settle charges that it misused customer cash to generate profits for the firm and failed to safeguard customer securities from the claims of its creditors. A second SEC announcement reports that Merrill Lynch also has agreed to pay a $10 million penalty to settle charges that it was responsible for misleading statements in offering materials provided to retail investors for structured notes linked to a proprietary volatility index.

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