U.S. SEC charges Bank of America subsidiary $15 million for RMBS trader lapses


WASHINGTON (Reuters) – The Securities and Exchange Commission on Tuesday said Bank of America subsidiary Merrill Lynch, Pierce, Fenner & Smith Inc. will pay $15 million to settle charges that staff misled clients into overpaying for Residential Mortgage Backed Securities (RMBS).

FILE PHOTO: The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, DC, U.S., June 24, 2011. REUTERS/Jonathan Ernst/File Photo

Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million. The SEC…



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