Gambling with customer money that was supposed to be set aside for its own rainy day cost Bank of America’s Merrill Lynch $415 million in a settlement Thursday and prompted a stepped-up enforcement and monitoring effort by the U.S. Securities and Exchange Commission.
Andrew Ceresney, director of the SEC’s Division of Enforcement, said Thursday the commission is launching a two-part initiative to prevent abuse of the Customer Protection Rule as he announced the largest settlement ever for a violation of the rule.
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