SEC Sanctions Merrill Lynch Pension Adviser

Law360, New York (June 10, 2009, 12:00 AM EDT) -- A former Merrill Lynch senior vice president caught up in a scandal over conflicts of interest in pension fund consulting has settled the matter and agreed to pay a fine of $20,000, the U.S. Securities and Exchange Commission said.

Michael A. Callaway, a 57-year-old vice president and pension adviser with Merrill Lynch's Florida operations, agreed to settle allegations that he failed to disclose to clients his personal stake in some recommendations, the SEC said Tuesday.

Callaway, who retired in 2008, will be censured and has been...
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