Bank of America's investment management unit has agreed to pay over $9.5 million to settle U.S. Securities and Exchange Commission charges that it failed to disclose millions of dollars of fees to clients, the regulator said on Monday.
The seal of the U.S. Securities and Exchange Commission is seen at their headquarters in Washington, D.C., U.S., May 12, 2021. REUTERS/Andrew Kellyinvestment management unit has agreed to pay over $9.5 million to settle U.S. Securities and Exchange Commission charges that it failed to disclose millions of dollars of fees to clients, the regulator said on Monday.
Merrill told clients that it charged a markup or markdown on foreign currency exchanges, but it did not disclose an additional fee, the SEC said. The firm also did not adopt and implement policies aimed at preventing such misleading disclosures, it said.
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