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Blog Home | Archive | Categories Home The Latest Merrill Lynch UIT Sales Charge Investment Fraud August 20, 2010 @ 10:04 am     Merrill Lynch UIT Sales Charge Investment Fraud Firm is fined $500,000, Ordered to Pay Over $2 Million to Customers The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Merrill Lynch $500,000 for failing to provide sales charge discounts to customers on eligible purchases of Unit Investment Trusts (UITs). FINRA also found that Merrill Lynch failed to have an adequate supervisory system in place to ensure customers received appropriate UIT discounts. The firm also agreed to provide remediation of more than $2 million to affected customers. "Firms have been on notice since at least 2004 that they must develop and implement procedures to ensure customers receive appropriate sales charge discounts for UIT investments," said James S. Shorris, FINRA Executive Vice President and Acting Chief of Enforcement. "In this case, it was critical for the firm to ensure that its brokers were... Read Full Article Archive January - 2009   2010   February - 2009   2010   March - 2009   2010   April - 2009   2010   May - 2009   2010   June - 2009   2010   July - 2009   2010   August - 2009   2010   September - 2009   2010   October - 2009   2010   November - 2009   2010   December - 2009   2010   Categories » Brokage Firm Fraud (35) » Broker Fraud (24) » FINRA Securities Arbitration (34) » Insider Trading (12) » Investment Fraud (33) » Merrill Lynch (4) » Morgan Stanley (6) » Mutual Fund Fraud (11) » SEC (27) » Unfair Securities Practices (22) Subscribe! RSS Subscription Blog Article Search   Recent Articles   Merrill Lynch UIT Sales Charge Investment Fraud  -  Merrill Lynch UIT Sales Charge Investment Fraud Firm is f...   HSBC Securities (USA) Inc. Fined for Fraudulent Sale of Risky CMO Securities  -  FINRA (The Financial Industry Regulatory Authority) settled an enforcement...   Investment research analyst fraud continues at Morgan Stanley  -  Following the 2003 Global Settlement with FINRA and the Securities & E...   SunTrust Investment Services Fined $1.44 Million for Fraudulent Sales of Unit Investment trusts and Mutual Funds.  -  SunTrust Investment Services Fined $1.44 Million for Fraudulent Sales of U...   FINRA Year in Review  -  Sutherland Asbill & Brennan LLP announced that it completed its annual...   Trustee Names 50 Brokerage Firms In connection with Provident Royalties LLC private placements  -  In a highly unusual legal maneuver, the trustee overseeing the receivershi...   State Securities Regulators Provide Disclosure About Individual Investment Advisers  -  Many investment advisors are brokerage firm rejects. They may h...   Banks Continue to Bilk Unsuspecting Investment Customers  -   Banks do not want to be in the banking business. It is too risky. Ba...   First Medical Capital Arbitration Award Decided  -  In May, Marilyn Hazell won a $400,000 Finra arbitration claim against Peak...   Financial Adviser to the Stars, Ken Starr charged with operating massive Ponzi Scheme  -  Kenneth Ira Starr, a New York investment adviser with a roster of celebrit...

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