Merrill Lynch Fined $42 Million

Merrill Lynch, Pierce, Fenner & Smith will pay $42 million to settle SEC charges over order “masking,” in which the broker claims to execute orders itself but actually routes them through other broker-dealers, including proprietary trading firms and wholesalers.

WASHINGTON (CN) — Merrill Lynch, Pierce, Fenner & Smith will pay $42 million to settle SEC charges over order “masking,” in which the broker claims to execute orders itself but actually routes them through other broker-dealers, including proprietary trading firms and wholesalers.

Categories / Securities

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