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FINRA fines Merrill Lynch $1.4 million for supervisory lapse

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated¬†$1.4 million for failing to establish a reasonable supervisory system and procedures to identify and evaluate extended settlement transactions, and for related rule violations. Extended settlement transactions have a longer time between trade and settlement than routine securities […]

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Citigroup, JP Morgan and others pay California $2.3 million in muni investigation

Citigroup Inc., JPMorgan Chase & Co. and 15 other underwriters reimbursed California $2.3 million last year after a regulatory probe found they used taxpayer funds to pay fees to their lobbyists. Citigroup, the third-biggest U.S. bank by assets, returned $479,994, while Bank of America Merrill Lynch repaid a combined $456,482 and JPMorgan paid $490,449 for […]

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Merrill Lynch Sued For Madoff Losses

Just months before his now-infamous Ponzi scheme collapsed, Bernie Madoff snookered a Merrill Lynch adviser who was attempting to perform due diligence on him for a foundation that serves the elderly, according to a lawsuit filed in federal court in Florida last week. In the complaint, MorseLife Foundation is seeking at least $33 million in […]

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