Merrill Lynch and Harvest settle with SEC for $9.3M over exceeding client limits, resulting in increased fees and losses.

Merrill Lynch and Harvest Volatility Management have settled with the SEC, agreeing to pay a total of $9.3 million for exceeding client investment limits over two years, which led to increased fees and losses for clients. Harvest will pay $2 million in penalties and $3.5 million in disgorgement, while Merrill Lynch will contribute $1 million in penalties and $2.8 million in disgorgement. Both firms did not admit wrongdoing.

September 25, 2024
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