Two Merrill Lynch Brokers Stole More Than $6M from 13 Clients
In December 2021, the Financial Industry Regulatory Authority (FINRA) fined Merrill Lynch in two separate matters.
One fine, of $950K, is because the firm allegedly failed to detect that two of its financial advisors had stolen more than $6M from 13 customers in schemes that occurred over several years. This purportedly involved the transmission of funds through automated clearing house (ACH) transfers that were “externally initiated.”
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