SEC
Whistleblower
Advocates

June 23, 2016

Merrill Lynch, Pierce, Fenner & Smith Incorporated, Merrill Lynch Professional Clearing Corporation

Trading and Pricing

SANCTION AMOUNT: $415,000,000

Defendants: Merrill Lynch, Pierce, Fenner & Smith Incorporated, Merrill Lynch Professional Clearing Corporation

Respondents misused customer cash to finanance their own trading activity in violation of the Customer Protection Rule, which generally requires such funds to be deposited in a reserve account so that it is protected from creditors.

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