Mer­rill Lynch pe­nal­ized $15.7M

Connecticut Post - - BUSINESS -

The Mer­rill Lynch sub­sidiary of Bank of Amer­ica is pay­ing more than $15 mil­lion af­ter a U.S. Se­cu­ri­ties & Ex­change Com­mis­sion in­ves­ti­ga­tion into its res­i­den­tial mort­gage-backed se­cu­ri­ties. Mer­rill Lynch will pay $10.5 mil­lion to cus­tomers along with a $5.2 mil­lion fine to the SEC, which de­ter­mined Mer­rill Lynch traders and sales­peo­ple con­vinced cus­tomers to over­pay for se­cu­ri­ties by de­ceiv­ing them about what Mer­rill Lynch paid to ac­quire them.

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