Mass. Targets Merrill Lynch $39M Securities Sale

Law360, New York (April 8, 2010, 3:51 PM EDT) -- Massachusetts' top securities enforcer has lodged an administrative complaint against a unit of Merrill Lynch & Co., claiming the company improperly sold more than $39 million in unregistered securities to two unnamed cooperative banks.

Merrill Lynch Pierce Fenner & Smith Inc., now a subsidiary of Bank of America Corp., is the target of Wednesday's complaint filed by the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth.

The unit stands accused of improperly selling more than 30 unregistered securities to the two banks...
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