March 22, 2019
Posted March 22, 2019
Merrill Lynch agreed to pay $8 million to settle charges by the SEC that it improperly borrowed ADRs from other brokers when it knew that these other brokers did not own the foreign shares needed to support the pre-released ADRs. This practice artificially inflates the number of securities that are tradeable for a foreign issuer. SEC
Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Securities Fraud,