25.9 C
New York
Tuesday, July 5, 2022

U.S. SEC charges Bank of America subsidiary $15 million for RMBS trader lapses

U.S. SEC charges Bank of America subsidiary  million for RMBS trader lapses© Reuters. FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington

WASHINGTON (Reuters) – The Securities and Exchange Commission on Tuesday said Bank of America (NYSE:) subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. will pay $15 million to settle charges that staff misled clients into overpaying for Residential Mortgage Backed Securities (RMBS).

Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million. The SEC found that Merrill Lynch traders and salespersons convinced the bank’s customers to overpay for RMBS by deceiving them about the price Merrill Lynch paid to acquire the securities.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

11,297FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles