Financial Industry Regulatory Authority Fines Merrill Lynch $2.8M
Finra has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million. By settling, the firm is not denying or admitting to the self-regulatory organization’s charges.
FINRA said because of system errors, Merrill Lunch inaccurately reported millions of trades.The regulator said that Merrill Lynch’s supervisory system as it relates to specific matters related to documenting, reporting, and records was not designed in a reasonable manner.
Ernst & Young Settles Audit Failure Charges By Agreeing to Pay Over $11.8M
Ernst & Young LLP has agreed to resolve U.S. Securities and Exchange Commission charges accusing it of audit failures. The monetary settlement, along with the $140M penalty that audit client Weatherford International agreed to pay separately, will go back to investors who were hurt in the accounting fraud.