The Banksters

FINRA ordered Merrill Lynch, Pierce, Fenner & Smith Inc. To pay more than $7.2 million in restitution and interest to customers who incurred unnecessary sales charges and paid excess fees in connection with mutual fund transactions. The firm did not have supervisory systems and procedures reasonably designed to ensure that these customers, who collectively held more than 13,000 Merrill Lynch accounts, received available sales charge waivers and fee rebates. For more info visit https://www.finra.org/media-center/newsreleases/2020/finra-orders-merrill-lynch-pierce-fenner-smith-inc-pay-7-point-2-million