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Robert Rex
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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
My company:
Rex Securities Law
My blog:
Rex Investment Loss Recovery Blog
  • FINRA Fines Merrill $1.05 Million And Requires Restitution 0 comments
    Apr 16, 2013 3:06 PM

    On April 16,2013, FINRA announced resolution of an action against Merrill Lynch for failing to provide best execution in certain customer transactions involfing non-convertible preferred securities executed on one of its proprietary order management systems, the ML BondMarket. In addition FINRA found that Merrill did not have an adequate supervisory system in place.

    Merrill was fined $1.05 million and ordered to pay restitution to customers who did not receive best execution on their bond trades of more than $323,000. Firms are required to use reasonable diligence to ensure that the trade is as favorable as possible to the customer under current market conditions. FINRA alleged that Merrill executed 12,259 transactions at prices inferior to the National Best Bid and Offer (NBBO).

    If you have questions about your stock brokerage account, contact us for a no charge consultation.

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    Rex Securities Law

    561 391 1900

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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