FINRA Orders Merrill Lynch, Pierce, Fenner & Smith, Inc. to Pay $8.4 Million in Restitution to Customers for Supervisory Failures Involving Unit Investment Trusts

FINRA

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WASHINGTON—FINRA announced today that it has ordered Merrill Lynch, Pierce, Fenner & Smith, Inc. to pay more than $8.4 million in restitution to more than 3,000 customers who incurred potentially excessive sales charges in connection with early rollovers of Unit Investment Trusts (UITs). FINRA also fined the firm $3.25 million for failing to reasonably supervise early UIT rollovers.

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