Posted On: 06/01/2015 6:27:53 PM
Post# of 11107
sludgehound Monday, 06/01/15 03:13:50 PMRe: NonePost # of 1685
SEC charges Merrill, fines $11M short sales tricks
SEC charges Merrill Lynch, fines firm $11 million for short sales violations
Today 3:01 PM ET (MarketWatch)
The Securities and Exchange Commission announced charges Monday against Bank of America's (BAC) Merrill Lynch subsidiary for using bad data since 2012 to "locate" stock for short sales, violating Rule 203(b) of Regulation SHO. That rule prevents "naked" short sales, shorting shares that are not "easy to borrow." The firm admitted the wrongdoing and will pay a $9 million penalty plus interest and give up $1.6 million in profits. Merrill Lynch must also submit to a compliance review by an independent consultant.
-Francine McKenna; 415-439-64
SEC charges Merrill, fines $11M short sales tricks
SEC charges Merrill Lynch, fines firm $11 million for short sales violations
Today 3:01 PM ET (MarketWatch)
The Securities and Exchange Commission announced charges Monday against Bank of America's (BAC) Merrill Lynch subsidiary for using bad data since 2012 to "locate" stock for short sales, violating Rule 203(b) of Regulation SHO. That rule prevents "naked" short sales, shorting shares that are not "easy to borrow." The firm admitted the wrongdoing and will pay a $9 million penalty plus interest and give up $1.6 million in profits. Merrill Lynch must also submit to a compliance review by an independent consultant.
-Francine McKenna; 415-439-64
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