- 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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