When it comes to your investments, you trust that your financial advisor and brokerage firm have your best interests at heart. Unfortunately, that may not always be the case. That’s why it’s important to stay informed and take action if you suspect any wrongdoing or suspicious activity.
Recently, Merrill Lynch, Pierce, Fenner & Smith Inc. came under fire from the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) for failing to properly file nearly 1,500 Suspicious Activity Reports (SARs) on suspected criminal activity. As a result, the SEC and FINRA ordered Merrill Lynch and its parent company, BAC North America Holding Co. (BACNAH), to pay a hefty sum of $12 million.
This is where the experienced investment fraud lawyers at Haselkorn & Thibaut come in. With over 50 years of experience fighting for investors nationwide, Haselkorn & Thibaut specializes in cases like these. They have offices in Florida, New York, North Carolina, Arizona, and Texas, making it easy for investors nationwide to seek their assistance.
The SEC alleges that BACNAH, Merrill Lynch’s parent company, applied the wrong threshold for reporting suspicious transactions. Instead of the required $5,000 threshold, they used a $25,000 threshold, resulting in hundreds of mandatory SARs not being filed. Merrill Lynch has agreed to pay a $6 million penalty to the SEC and an additional $6 million fine as part of a parallel action by FINRA.
Suspicious Activity Reports are crucial in combating financial crimes and protecting investors. Broker dealers, like Merrill Lynch, are obligated to report any suspicious transactions involving criminal activities. Failure to do so is a serious breach of their duty. That’s why it’s important for affected Merrill Lynch customers to explore their recovery options.
To learn more about your options and potential recovery, contact the investment fraud lawyers at Haselkorn & Thibaut for a free consultation. They have a proven track record of recovering millions for investors and boast an impressive 98% success rate. Best of all, they work on a contingency basis, so if they don’t recover for you, you don’t pay.
Don’t let investment fraud go unchecked. Call Haselkorn & Thibaut now at 1-800-856-3352 for your free consultation. Remember, no recovery, no fee.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Contact a qualified attorney to discuss your specific situation.
