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  • U.S. Securities and Exchange Commission Charges Merrill Lynch for Failure to Supervise RMBS Traders

    U.S. Securities and Exchange Commission Charges Merrill Lynch for Failure to Supervise RMBS Traders



    Merrill Ordered to Return More than $10.5 Million to Harmed Customers in RMBS (Residential Mortgage Backed Securities) Case



    Washington, DC - - (June 12, 2018) - - The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million. In its order, the SEC found that Merrill Lynch traders and salespersons convinced the bank’s customers to overpay for RMBS by deceiving them about the price Merrill Lynch paid to acquire the securities. The order also found that Merril
    ...
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  • Merrill Lynch Charged With Gatekeeping Failures in the Unregistered Sales of Securities

    Merrill Lynch Charged With Gatekeeping Failures in the Unregistered Sales of Securities





    March 12, 2018


    Washington, DC - - (March 8, 2018) - - The Securities and Exchange Commission today announced settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates. The SEC’s order found that Merrill Lynch sold almost three million shares of Longtop Financial Technological Limited’s securities into the market despite red flags indicating that the sales could be part of an unlawful unregistered distribution. Ultimately, the distribution generated almost $38 million in proceeds for the overseas issuer and its affiliates. “Broker-dealers are important gatekeepers,” said Antonia Chion, Associate Director of t
    ...
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  • Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Merrill Lynch for Failure to Supervise RMBS Traders
    by Staff Reporter 1
    U.S. Securities and Exchange Commission Charges Merrill Lynch for Failure to Supervise RMBS Traders



    Merrill Ordered to Return More than $10.5 Million to Harmed Customers in RMBS (Residential Mortgage Backed Securities) Case



    Washington, DC - - (June 12, 2018) - - The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million. In its order, the SEC found that Merrill Lynch traders and salespersons convinced the bank’s customers to overpay for RMBS by deceiving them about the price Merrill Lynch paid to acquire the securities. The order also found that Merril
    ...
    06-18-2018, 12:16 PM
  • OverSeer
    Merrill Lynch Charged With Gatekeeping Failures in the Unregistered Sales of Securities
    by OverSeer
    Merrill Lynch Charged With Gatekeeping Failures in the Unregistered Sales of Securities





    March 12, 2018


    Washington, DC - - (March 8, 2018) - - The Securities and Exchange Commission today announced settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates. The SEC’s order found that Merrill Lynch sold almost three million shares of Longtop Financial Technological Limited’s securities into the market despite red flags indicating that the sales could be part of an unlawful unregistered distribution. Ultimately, the distribution generated almost $38 million in proceeds for the overseas issuer and its affiliates. “Broker-dealers are important gatekeepers,” said Antonia Chion, Associate Director of t
    ...
    03-12-2018, 01:04 PM

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