CHARLOTTE (dpa-AFX) - The Securities and Exchange Commission, Wednesday announced charges against Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc., owned by Bank of America Corp. (BAC), for exceeding clients' designated investment limits over a two-year period.
The regulator found that the violations resulted in clients paying higher fees, being subjected to increased market exposure, and incurring investment losses.
Harvest and Merrill neither denied or admitted the findings of SEC. They agreed to pay a combined $9.3 million in penalties and disgorgement to settle the issue.
Currently, Bank of America's stock is trading at $38.99, down 1.17 percent on the New York Stock Exchange.
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