FINRA Fines Merrill Lynch Over Unfiled Broker Reports

Law360, New York (September 24, 2012, 1:53 PM EDT) -- The Financial Industry Regulatory Authority on Monday fined Merrill Lynch Pierce Fenner & Smith Inc. $500,000 for supposedly failing to report hundreds of civil and criminal complaints against its brokers between 2007 and 2011, including some alleging theft.

The securities industry watchdog said Merrill Lynch had violated a rule requiring firms to report within 30 days any regulatory actions, arbitrations, customer complaints, criminal charges and settlements involving their brokers. That information is recorded in a FINRA database that is accessible to investors and other regulators....
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