SEC
Whistleblower
Attorneys

June 19, 2018

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Trading and Pricing

SANCTION AMOUNT: $42000000

Defendants: Merrill Lynch, Pierce, Fenner & Smith Incorporated

The Commission found that, in a practice called "masking," Merrill Lynch falsely informed customers that it had executed millions of orders internally when it actually had routed them for execution at other broker-dealers, including proprietary trading firms and wholesale market makers. This practice would create the appearance of a more active trading center and reduce access fees paid to exchanges.

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