FINRA has fined Merrill Lynch brokerage firm $300,000 for its misconduct associated with a New York Stock Exchange branch office examination and for other supervisory misconduct. Among other things, FINRA found that Merrill Lynch provided inaccurate and deceptive information to NYSE Regulation examiners who were conducting a branch-office examination relating to unregistered cold callers. FINRA also found that Merrill Lynch instructed employees to hide or remove an unapproved facsimile machine and failed to properly supervise a broker who held himself out as an attorney on Merrill Lynch stationery and business cards even though he was not licensed or admitted to practice law before any state or federal bar. The findings also stated that Merrill Lynch failed to provide evidence that it reviewed and supervised incoming or outgoing written communications and facsimiles at certain branch offices. FINRA also found other supervisory lapses.

It is our hope that fines such as these provide sufficient incentive for brokerage firms to take their duties seriously and to act in a manner that serves to protect investors who entrust their savings to brokerage firms like Merrill Lynch.

EN   ES   PT     

Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236

Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930

New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217

West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887

Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182