Merrill Lynch ACH Transfer Failure To Supervise Results in Fines Totalling Nearly $1 Million

Merrill Lynch ACH Transfer Failure To Supervise Results in Fines Totalling Nearly $1 Million

Merrill Lynched Fined Nearly $1 Million for Alleged ACH Transfer Supervision Failure According to a FINRA Letter of Acceptance, Waiver & Consent, from May 2013 through November 2018, Merrill Lynch allegedly failed to supervise the transmittal of customer funds via externally-initiated Automated Clearing House) transfers. As a result, the brokerage firm failed to detect that two of its registered representatives were able to steal in excess of $6 million. Merrill Lynch’s Failure to Reasonably Supervise ACH Transfers In May 2013, Merrill Lynch terminated a registered representative who made payments exceeding $100,000 from two of her customer’s brokerage accounts to her…