Merrill Lynch Settles SEC Claims Over Sale of Chinese Company’s Shares - News Summed Up

Merrill Lynch Settles SEC Claims Over Sale of Chinese Company’s Shares


Bank of America Corp.’s Merrill Lynch unit agreed Thursday to pay $1.4 million to settle Securities and Exchange Commission allegations that it didn’t do enough to investigate red flags at a Chinese company whose unregistered securities it sold. Merrill sold almost three million unregistered shares of financial-software company Longtop Financial Technologies Ltd. in 2011, the SEC said, even though it was aware of multiple questions about Longtop.


Source: Wall Street Journal March 08, 2018 17:52 UTC



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