BofA Securities, Inc. + Merrill Lynch, Pierce, Fenner & Smith, Inc.
BofA Securities, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated was fined $3,000,000 for failing to establish and maintain a supervisory system and WSPs reasonably designed to detect potentially manipulative trading.
American Portfolios Financial Services, Inc.
American Portfolios Financial Services, Inc. was fined $225,000 for failing to develop and implement an anti-money laundering (AML) compliance program, including written procedures, reasonably designed to detect and cause the reporting of suspicious activity in low-priced securities.
Merrill Lynch, Pierce, Fenner & Smith Inc.
Merrill Lynch was fined $825,000 for failing to review the execution timeliness of orders processed through the firm’s electronic order systems from the time the orders were routed to a market center for further handling or execution and the final execution time.