Merrill Lynch Pays $415m and Admits to Misusing Customers' Cash and Securities

Merrill Lynch will pay $415 million and admit to wrongdoing to settle SEC charges that it violated the SEC’s Customer Protection Rule by misusing customer cash to generate profits for the firm, instead of depositing it in a reserve account, and failed to safeguard customer securities from the claims of its creditors by investing in risky complex options trades. Click here to read more.