Financial Services Industry
Industry: Email Alert RSS FeedWirehouse to pay $10 million for lapse in prospectuses.(COMPLIANCE)
Research, October, 2005 by Levaux, Janet
MERRILL LYNCH AGREED TO HIRE AN INDEPENDENT CONSULTANT AND PAY A $10 MILLION FINE to the New York Stock Exchange in mid-August to settle issues related to its "failure to deliver prospectuses and product descriptions to customers, as well as other supervisory and operational lapses," according to NYSE's announcement.
From October 2002 to March 2004, Merrill Lynch failed to deliver prospectuses associated with 64,000 mutual-fund transactions, according to NYSE. Between January 2004 and July 2004, Merrill Lynch failed to deliver prospectuses affecting some 900 transactions associated with 275 accounts in auction rate preferred stocks.
"The delivery of a prospectus to a potential investor is the foundation of investor protection. More than just a sales...
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