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Merrill Hit With $15M SEC Penalty Over RMBS Infractions


Merrill Lynch agreed to pay SEC $15+ million to settle charges that employees misled customers into overpaying for securities


Merrill’s RMBS traders and salespeople “illegally profited from excessive, undisclosed commissions — called ‘markups’ — which in some cases were more than twice the amount the customers should have paid” – SEC


Merrill also failed to have compliance and surveillance procedures in place that were reasonably designed to prevent and detect the misconduct that increased the firm’s profits


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