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Violation Tracker Individual Record

Company: Merrill Lynch, Pierce, Fenner & Smith Inc.
Current Parent Company: Bank of America
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Penalty: $3,500,000
Year: 2006
Date: November 22, 2006
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: Merrill Lynch agreed to pay a $1 million fine, $500,000 to the Connecticut Department of Education, $1.5 million to its foundation for promotion of financial literacy, and $500,000 to the National White Collar Crime Center, in settlement of allegations it failed to supervise its agents, allowing them to engage in Market Timing, a prohibited practice of trading in mutual funds to exploit pricing inefficiencies.
Level of Government: state
Action Type: agency action
Agency: Connecticut Securities and Business Investments Division
Civil or Criminal Case: civil
Facility State: Connecticut
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.