Merrill Lynch Sanctioned $7 Million For Customer Account Handling

The Financial Industry Regulatory Authority (FINRA) on Wednesday fined Merrill Lynch $6.25 million and the firm will pay $780,000 in restitution for inadequate supervision of certain trading practices. The sanctions are related to oversight of accounts involving “leverage” or borrowing and high concentrations in Puerto Rican securities that led to losses. The firm also agreed to pay restitution to 22 customers as part of an agreement in which it neither admitted nor denied charges. If you suffered losses with Merrill Lynch, please call our securities law firm today at 312-332-4200 to speak to one of our attorneys about your options of recovering your losses on a contingency fee basis. The call is free with no obligation.

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