Finra Sanctions Merrill Lynch Over UIT Rollover and ... - Barron's

Finra Sanctions Merrill Lynch Over UIT Rollover and Compliance Issues The regulator says some clients may have incorrect sales charges due to early sales. It’s the latest action Finra has …

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Finra Orders Merrill To Pay $11.65 Million Over UIT Rollover …

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Jun 25, 2021 · Finra said that Merrill executed more than $32 billion in UIT transactions over the five years, including $2.5 billion worth of UITs sold more than 100 days before their typical 15 …

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Finra Raps Two Merrill Brokers, Including 30-Year Firm Vet, Over …

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Jun 28, 2021 · The brokers’ UIT switches in these cases likely represent just a small fraction of the $2.5 billion worth of potentially improper UIT rollovers that Finra said Merrill processed …

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Merrill Lynch To Pay $11.6M To Settle FINRA Case Over Unsuitable …

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The Financial Industry Regulatory Authority (FINRA) announced that Merrill Lynch, Pierce, Fenner & Smith will pay approximately $8.4M in restitution and an over $3.2M fine to settle charges alleging supervisory failuresinvolving unit investment trust (UIT) rollovers. The self-regulatory organization (SRO) contends that over 3,000 customers may have...

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Kelly Feehrer: Ex-Merrill Lynch Rep Suspended Over UIT Rollovers

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He was ordered to pay a fine of $5,000. Kelly Feehrer: Ex-Merrill Lynch Rep Suspended over UIT Rollovers. Kelly Feehrer (CRD# 1470328), previously a stockbroker in Benton, Tennessee, …

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Merrill Lynch To Pay $11.7 Million Over Unit Investment Trust (UIT ...

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Jul 16, 2021 · According to AWC #2017053437701, Merrill Lynch, due in part to a lack of written supervisory procedures, failed to detect when its brokers and representatives recommended …

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FINRA: Merrill Lynch To Pay $11.25 Million In Case Of UIT Rollovers

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Jun 28, 2021 · FINRA has ordered Merrill Lynch, Pierce, Fenner & Smith, Inc. to pay more than $8.4 million in restitution to more than 3,000 customers who incurred potentially excessive …

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Merrill Lynch Penalized $11.6 Million For Improper UIT Rollovers

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Merrill Lynch Penalized $11.6 Million For Improper UIT Rollovers The transactions forced clients to pay millions of dollars in needless fees, according to FINRA. A UIT is an investment …

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Merrill Lynch Stockbroker Sanctioned For Unsuitable UIT …

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Scott Ryland Mathews of Charlotte North Carolina a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been fined $5,000.00 and suspended for three …

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Merrill Lynch Settles FINRA Case On UIT Sales For $11.7M | Financial ...

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Jun 28, 2021 · In August 2012, Merrill Lynch agreed to pay a fine and restitution of $530,000 after the regulator alleged a former broker recommended 37 unsuitable short-term UIT and closed …

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Finra Fines Merrill Lynch $1.5 Million Over Avoidable Fees - MSN

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Finra also cited Merrill for violating Rule 3110, which outlines firms’ supervision requirements, and its catchall Rule 2010 covering professional conduct. Write to [email protected]

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Finra Suspends, Fines Merrill Broker Over UIT Rollovers

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Jun 29, 2021 · The sanction was published on the same day that Merrill Lynch was ordered to pay $11.7 million in restitution and fines over the early rollovers of unit investment trusts. June 29, …

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FINRA Orders Merrill To Pay $11.65 Million For UIT Rollover …

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Jul 8, 2021 · The Financial Industry Regulatory Authority (FINRA) has ordered Merrill Lynch to pay $11.65 million as part of a settlement. About. Who We Are. Testimonials. Disclaimers. …

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FAQs about Finra Sanctions Merrill Lynch Over UIT Rollover and ... - Barron's Coupon?

Did Merrill Lynch admit to FINRA's findings?

In settling this matter, Merrill Lynch accepted and consented to the entry of FINRA’s findings without admitting or denying them. FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry—brokerage firms doing business with the public in the United States. ...

What did Merrill Lynch do about avoidable fees?

A spokeswoman for Merrill Lynch declined to comment. Finra credited Merrill for its “extraordinary cooperation” in the matter, noting that it had updated its compliance procedures and conducted an internal review to identify the clients who were assessed the avoidable fees and develop a plan for repaying them. ...

Did Merrill violate FINRA's rule 2111?

That meant that Merrill violated Finra’s Rule 2111, the suitability standard, for the transactions that racked up avoidable fees before June 30, and then failed to comply with Reg BI for the transactions that reps executed after that date, according to the regulator. ...

Why did Merrill Lynch pay $1.5 million?

Merrill Lynch has agreed to pay nearly $1.5 million to settle allegations that representatives of the firm executed transactions on behalf of more than 1,300 customers that resulted in unnecessary fees. ...