Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691, New York, New York) was fined $150,000. Although the firm did not admit or deny the findings of FINRA, they did consent to the sanctions.
The findings found that the firm allegedly:
- “Executed municipal securities transactions with customers in an amount below an issue’s minimum denomination without an exception
- (The) firm failed to disclose to its customers all material facts concerning municipal securities transactions at or prior to the time of trade
- Specifically, the firm failed to inform its customers, orally or in writing, that the municipal securities transactions were in an amount below the issue’s minimum denomination and that this may adversely affect the position’s liquidity” (March 2020 FINRA Disciplinary Actions )
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