Merrill Hit With $300K Fine For Spotty Transaction Records

Law360 (September 10, 2019, 7:31 PM EDT) -- The U.S. Commodity Futures Trading Commission hit investment firm Merrill Lynch with a $300,000 fine Tuesday for failing to maintain accurate transaction records and turn them over to regulators on time.

Merrill Lynch, Pierce, Fenner & Smith Inc., a unit of Bank of America, bungled routine information requests between March 2015 and January 2018, submitting audit trail data as much as 18 months late and with significant chunks of information missing, according to an CFTC settlement order. The agency cited the broker for failing to keep required records and inadequately supervising employees charged with maintaining them.

Merrill, which was folded into...

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