| Massachusetts’ top securities regulator on Monday said that he has fined Bank of America’s Merrill Lynch unit $2.5 million for failing to stick to its own compliance rules.
Secretary of the Commonwealth William Galvin settled charges with Merrill, Lynch, Pierce, Fenner & Smith that accused the brokerage of failing to supervise employees properly. The matter related to an internal presentation made to Merrill executives and financial advisers about transferring client assets.
