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Merrill Lynch, Harvest Volatility Management to pay $9.3 million to settle SEC charges

Summary by UPI
The U.S. Securities and Exchange Commission said Wednesday Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. have agreed to pay a combined $9.3 million in penalties to resolve SEC charges.

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SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits

They will pay a combined $9.3 million after the Securities and Exchange Commission charged them for exceeding clients' investment limits over a two-year period.

·United States
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UPIUPI

Merrill Lynch, Harvest Volatility Management to pay $9.3 million to settle SEC charges

The U.S. Securities and Exchange Commission said Wednesday Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. have agreed to pay a combined $9.3 million in penalties to resolve SEC charges.

·Washington, United States
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Finance Magnates | Financial and business newsFinance Magnates | Financial and business news

SEC Imposes $9M Penalties on Harvest and Merrill Lynch over Investor Risk Violations

The Securities and Exchange Commission (SEC) announced charges against Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. These charges arise from violations related to exceeding clients' designated investment limits over a two-year period, beginning in March 2016. This resulted in clients paying higher fees, facing increased market exposure, and incurring investment losses. Both companies have agreed to pay a total…

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Stockxpo - A professional network of traders, investors and analystsStockxpo - A professional network of traders, investors and analysts

SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits

A logo for financial service company Merrill Lynch is seen in New York. Emmanuel Dunand | Afp | Getty Images The U.S. Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients’ predesignated investment limits over a two-year period. Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the cl…

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Bitcoin Ethereum NewsBitcoin Ethereum News

SEC charges Merrill Lynch and Harvest for ignoring client instructions

The post SEC charges Merrill Lynch and Harvest for ignoring client instructions appeared on BitcoinEthereumNews.com. A logo for financial service company Merrill Lynch is seen in New York. Emmanuel Dunand | Afp | Getty Images The Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients’ predesignated investment limits over a two-year period. Merrill, owned by Bank of America, a…

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wealthmanagement.comwealthmanagement.com

Merrill, Harvest Volatility Management Pay $9.3M to Settle SEC

The two firms are in hot water over sales of Harvest’s “Iron Condor” strategy that resulted in $5 million in excess management fees and commissions.

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