SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits

Published On Sep 25, 2024, 10:45 AM

The SEC has charged Merrill Lynch and Harvest Volatility Management for violating client investment limits over a two-year period. Both companies have agreed to pay a total of $9.3 million in fines. The SEC found that Harvest allowed numerous accounts to exceed accepted risk levels, and Merrill was aware of this but continued to connect its clients to Harvest. This situation resulted in clients facing excessive financial risks while Merrill and Harvest profited through higher fees.

Read full article

Stock Forecasts

AI prediction results, not representative of any investment advice.

BAC View BAC chart on TradingView

Negative

Due to these regulatory actions, Merrill Lynch's reputation may be negatively impacted, leading to potential client withdrawals and decreased business. Additionally, Harvest's ongoing viability could be questioned following these charges, leading to reduced investment flow and a declining market position.

Related News

Berkshire slashes Bank of America stake to under 10%, no longer required to disclose frequently

Oct 10, 2024, 6:19 PM

Warren Buffett's Berkshire Hathaway cut its stake in Bank of America below an important level.

BAC

It's critical that we continue to support small businesses: Sharon Miller | Fox Business Video

Bank of America President of Small Business & Head of Specialty Banking and Lending Sharon Miller breaks down its Women & Minority Business Owner Spotlight and provides her outlook for small businesses.

BAC

Bank of America is down: Customers report widespread outage

Oct 2, 2024, 4:11 PM

Bank of America customers report having trouble accessing their bank accounts on Wednesday.

BAC