Merrill, UBS Fined Over Closed-End Fund Sales

Law360, New York (July 28, 2009, 3:28 PM EDT) -- The Financial Industry Regulatory Authority has fined Merrill Lynch Pierce Fenner & Smith Inc. and UBS Financial Services Inc. a combined $250,000 related to what the self-regulatory organization called unsuitable short-term sales of closed-end funds purchased at the funds' initial public offerings.

Merrill Lynch was fined $150,000 and five of the investment firm's brokers were suspended for 15 days each and fined $10,000 for making improper recommendations to customers related to closed-end funds.

UBS, meanwhile, was fined $100,000. FINRA said its probe into the actions of...
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