Merrill Lynch Hit With Fine Over $39M In Securities Sales

Law360, New York (April 18, 2013, 6:27 PM EDT) -- Massachusetts' top securities regulator has fined Merrill Lynch & Co. Inc. $250,000 for the allegedly unlawful sale of more than $39 million in auction rate and other unregistered securities to two of the state's banks, he announced Thursday.

According to William F. Galvin, the secretary of the commonwealth, the fine will resolve claims that Merrill Lynch had sold a number of now-illiquid ARS and other securities to two Massachusetts cooperative banks — which are small banks, similar to credit unions — despite the fact the banks...
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