- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The SEC announced on June 12 that Merrill Lynch will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities.
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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.
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.
