- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-04-04T16:32:00
Merrill Lynch agreed to pay nearly $9.7 million as part of a settlement with the Securities and Exchange Commission (SEC) addressing allegations the firm charged more than $4 million in undisclosed fees to clients.
The SEC said Merrill Lynch charged its clients undisclosed foreign exchange fees for transfers to or from their accounts on more than 15,000 transactions from 2016 to 2020, according to the agency’s order released Monday.
Without admitting or denying the SEC’s findings, Merrill Lynch agreed to pay disgorgement of approximately $4.1 million, prejudgment interest of $760,000, and a civil penalty of $4.8 million. Merrill Lynch agreed to distribute funds to harmed advisory clients, the SEC said in a press release. The firm also consented to a cease-and-desist order and censure.
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2023-02-08T21:13:00Z By Aaron Nicodemus
The Securities and Exchange Commission’s 2023 examination priorities report laid out areas under the microscope this year, including compliance with the agency’s Marketing Rule and Regulation Best Interest.
2023-01-31T20:04:00Z By Aaron Nicodemus
The Securities and Exchange Commission issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest.
2020-06-11T17:23:00Z By Jaclyn Jaeger
Merrill Lynch will pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions, FINRA announced.
2025-05-01T14:39:00Z By Neil Hodge
Antitrust infringement cases in the United Kingdom can run on for years, but there’s a question whether issuing fines that are dwarfed by the revenues of those organisations involved is a worthy deterrent—particularly if they are imposed over a decade after the misconduct ended. It’s also debatable whether the first ...
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
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