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Merrill Lynch Hit with $15.2 Fine For Mutual Fund Share Sales

Restitution of $15.2 million, which includes an interest component of $1.8 million, is what Merrill Lynch has been asked to be paid by the Financial Industry Regulatory Authority (FINRA), apart from being censured. The restitution pertains to customers purchasing mutual funds being charged excessive fees. Merrill avoided the levy of a fine by the self-regulator, …

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