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Merrill Lynch to pay $1.25 million penalty in SEC settlement: statement

Published 03/08/2018, 10:51 AM
Updated 03/08/2018, 11:01 AM
© Reuters. A worker washes windows high atop the Merrill Lynch building in downtown San Diego
BAC
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WASHINGTON (Reuters) - Merrill Lynch has agreed to settle U.S. charges over allegations that it did not properly prevent unregistered sales of a software company's shares on behalf of a China-based issuer, the Securities and Exchange Commission said on Thursday.

© Reuters. A worker washes windows high atop the Merrill Lynch building in downtown San Diego

Merrill Lynch, part of Bank of America (N:BAC), did not admit or deny the SEC's findings as part of the settlement but agreed to pay a $1.25 million penalty and more than $154,000 in disgorgement and prejudgment interest earned on the improper sales, the regulator agency said in a statement.

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