Both the Securities and Exchange Commission and the NASD have ordered Merrill Lynch to dig into its pockets to the tune of a total of $7.5 million for various violations. The SEC fined ML $2.5 million for taking too long to hand over to the Commission certain e-mails. The SEC also noted that the firm’s procedures for retaining the documents and providing them to regulators were deficient. The company did not admit or deny the charges.
The NASD slapped Merrill Lynch with a $5 million fine for supervisory failures, registration failures, impermissible sales contests and other violations in connection with its Financial Advisory Center operations located in New Jersey and Florida. The SEC has also barred ML from holding such contests for three years.
