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June 12, 2018

Posted  June 14, 2018

Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to pay over $15 million to resolve allegations that its traders and salespersons overcharged Merrill Lynch customers for Residential Mortgage Backed Securities, pocketing the mark-ups as undisclosed commissions. According to the Commission, the bank failed to reasonably supervise its employees and to implement measures to prevent and detect the fraud. SEC

Tagged in: Housing and Mortgage Fraud, Regulatory Violations,