- 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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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.
The Securities and Exchange Commission issued a risk alert listing deficiencies its examiners found in broker-dealers’ compliance with Regulation Best Interest.
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.
USAA Federal Savings Bank has been hit with its third cease and desist order from the Treasury Department’s Office of the Comptroller of the Currency in the past five years for failing to correct unsafe and unsound banking practices.
Becton Dickinson medical device company will pay $175 million for “repeatedly” misleading investors about its Alaris infusion pump, a product the company knew was flawed and was sold without the required patient-safety approvals, the Securities and Exchange Commission said.
The Securities and Exchange Commission charged bankrupt fashion retailer Express with failing to disclose nearly $1 million in perks to a former chief executive, but did not levy a financial penalty thanks to its cooperation, the SEC said.
