- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The Securities and Exchange Commission on June 19 announced charges against Merrill Lynch for misleading customers about how it handled their orders. Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million civil penalty.
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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.
Merrill Lynch must pay a $300,000 civil monetary penalty for failing to promptly produce to the CFTC certain required records and, separately, failing to supervise its employees and agents.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
