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6/25/2021, 7:41 PM (Source: TeleTrader)
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FINRA fines Merrill for overcharging customers

Bank of America Corp.'s investment management division Merrill was fined by the Financial Industry Regulatory Authority (FINRA) on Friday for overcharging its customers.

The company will pay a fine of $3.25 million and $8.4 million in restitution for customers that were incurred excessive sales charges between 2011 and 2015.

"Customers often incur unnecessary costs when representatives recommend short-term sales of products that are intended as long-term investments," Jessica Hopper, the head of the regulator, said in a press statement.

Baha Breaking News (BBN) / MD