TITLE

Merrill to Pay $13.5M to Settle Market-Timing Abuse Charges

AUTHOR(S)
O'Brien, Elizabeth
PUB. DATE
March 2005
SOURCE
Bond Buyer;3/10/2005, Vol. 351 Issue 32087, p32
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports that Merrill Lynch Pierce Fenner & Smith Inc. has agreed to pay $13.5 million for inadequately supervising three financial advisers who engaged in market timing on behalf of hedge fund Millennium Partners LP. Use of the settlement funds by the states of New Jersey and Connecticut for further enforcement efforts; Involvement of municipal bonds in market timing; Statement of Merrill spokesman Mark Herr regarding the settlement agreement.
ACCESSION #
16372765

 

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