Merrill Lynch coughs up for excess RMBS mark-ups

Merrill Lynch, Pierce, Fenner & Smith, a brokerage subsidiary of Bank of America Merrill Lynch, has agreed to pay $15.7m for defrauding customers and excessively marking up the value of securities while trading non-agency RMBS.

  • By Alexander Saeedy
  • 13 Jun 2018

In a ruling on Tuesday, the Securities and Exchange Commission said that the bank booked $10m of fraudulent profit between June 2009 and December 2012.

Specifically, the SEC claims that Merrill’s traders not only lied to customers about prices at which it bought and sold non-agency RMBS bonds, ...

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