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Merrill Lynch Fined $1 Million For Ex-Broker’s Ponzi Scheme Run Out Of Merrill Office

Bank of America’s Merrill Lynch brokerage unit agreed to pay $1 million for supervisory failures that allowed a former broker to use a Merrill Lynch account to run a Ponzi scheme, FINRA said on Tuesday. The Financial Industry Regulatory Authority (“FINRA”), which oversees the U.S. brokerage industry, found that the…

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