FINRA - Financial Industry Regulatory Authority

Merrill Lynch has agreed to pay a $950,000 fine. From May 2013 through November 2018, Merrill failed to reasonably supervise the transmittal of customer funds via externally-initiated ACH (Automated Clearing House)transfers. As a result, the firm failed to detect that two of its registered representatives were able, in separate schemes that ran for multiple years, to steal in excess of $6 million. Therefore, Merrill violated NASD Rules 3010 and 30122 and FINRA Rules 3110 and 2010.


Published on Dec. 20th, 2021 Published on Dec. 20th, 2021

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