Merrill Lynch to pay $9.7M over undisclosed fees
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.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News Brief
SEC exam report highlights Marketing Rule, Reg BI, private fund advisers
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.
-
News BriefSEC examiners flag deficiencies in Reg BI compliance
The Securities and Exchange Commission issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest.
-
ArticleMerrill Lynch to pay $7.2M to customers overcharged for mutual funds
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.
More from Regulatory Enforcement
-
News BriefDOJ disbands crypto investigation unit, another sign of the Trump administration’s support of digital currency
The U.S. Department of Justice (DOJ) disbanded its crypto investigation unit on Monday, marking another step from President Donald Trump to support the crypto industry and lighten the regulatory burden of potential crypto crime investigations that had started under the Biden administration.
-
PremiumCompanies unprepared for European Accessibility Act as June deadline looms
An accessible website should be a basic requirement for businesses, allowing the largest number of people to access a company’s content and services. With technology as an enabler, it also makes good business sense. After all, why would any organization want to hinder customer access? However, many websites are not ...
-
Basic PageFTC case against insulin price gouging halted after commissioners fired by Trump
A Federal Trade Commission case against insulin price gouging has come to a screeching halt after two Democratic commissioners were fired by President Donald Trump.