Merrill Lynch Fined for Fund Violations (13.5 Million)

[elehhhhna]

(Please can we turn Social Security over to these guys? Please?)
Merrill Lynch Fined for Fund Violations

Tue Mar 8, 4:55 PM ET

By MICHAEL J. MARTINEZ, AP Business Writer

NEW YORK - Merrill Lynch & Co. was fined $13.5 million by the states of New Jersey and Connecticut and the New York Stock Exchange (news - web sites), after a group of the company's brokers engaged in improper market-timing of mutual funds, regulators announced Tuesday.

The NYSE said it determined that a group of brokers in Fort Lee, N.J., made more than 3,700 short-term mutual fund transactions from January through April 2002. The brokers used multiple accounts, all of which were held for a single hedge fund client, the NYSE said, and the accounts were transferred outside the firm and back in later that year.


According to a statement from the New Jersey attorney general's office, Millennium Partners L.P. was the hedge fund involved in the incidents.


The transfers and other violations continued through October 2003, with the traders involved hiding their transactions from Merrill Lynch, the exchange said. While Merrill Lynch told the brokers to stop the trades in November 2002, but the brokers did not, and Merrill Lynch failed to follow up, the NYSE said.

http://news.yahoo.com/news?tmpl=story&cid=509&u=/ap/20050308/ap_on_bi_ge/nyse_merrill_lynch_fined&printer=1

[GetTheRightVote]

1. Another Corporation is proven to break the law, are you surprised, no way

:kick:

[gizmo1979]

2. How much did they make I'll bet

it's more then 13.5.