Merrill Lynch Fined $2 Million over Trading Violations
Merrill Lynch recently entered into a consent order with the state of New Hampshire on December 2, 2020. Here are the details:
- Investors complained that accounts sustained significant losses at a time when the market was gaining.
- The advisor excessively traded “global best of breed” stocks. The investor also suffered significant losses in inverse and leveraged exchange traded funds.
- Trades were mismarked as unsolicited when they were solicited.