{"id":6056,"date":"2016-10-20T20:37:08","date_gmt":"2016-10-21T01:37:08","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1153"},"modified":"2016-10-20T20:37:08","modified_gmt":"2016-10-21T01:37:08","slug":"securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/","title":{"rendered":"Securities Cases: Merrill Lynch Ordered to Pay $2.8M for Supervisory And Other Violations, Ernst &#038; Young Agrees to Pay $11.8M for Failed Audits, and Ex-Morgan Stanley Client Administrator is Suspended Over Fraudulent Wire Transfer"},"content":{"rendered":"<h2><strong>Financial Industry Regulatory Authority Fines Merrill Lynch $2.8M<\/strong><\/h2>\n<p>FINRA has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million. By settling, the firm is not denying or admitting to the self-regulatory organization\u2019s charges.<\/p>\n<p>FINRA said because of system errors, Merrill Lynch inaccurately reported millions of trades. The regulator said that Merrill Lynch\u2019s supervisory system as it relates to specific matters related to documenting, reporting, and records was not designed in a reasonable manner.<\/p>\n<h2><strong>Ernst &amp; Young Settles Audit Failure Charges By Agreeing to Pay Over $11.8M<\/strong><\/h2>\n<p>Ernst &amp; Young LLP has agreed to resolve U.S. Securities and Exchange Commission charges accusing it of audit failures. The monetary settlement, along with the $140M penalty that audit client Weatherford International agreed to pay separately, will go back to investors who were hurt in the accounting fraud.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/#more-6056\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial Industry Regulatory Authority Fines Merrill Lynch $2.8M FINRA has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million. By settling, the firm is not denying or admitting to the self-regulatory organization\u2019s charges. FINRA said because of system errors, Merrill Lynch inaccurately reported millions of trades. The regulator said that Merrill Lynch\u2019s supervisory system [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3953,3776,3800,3787,3760,3761],"tags":[],"class_list":["post-6056","post","type-post","status-publish","format-standard","hentry","category-arbitration-rulings","category-finra-settlements","category-merrill-lynch","category-morgan-stanley","category-sec-enforcement","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Securities Cases: Merrill Lynch Ordered to Pay $2.8M for Supervisory And Other Violations, Ernst &amp; Young Agrees to Pay $11.8M for Failed Audits, and Ex-Morgan Stanley Client Administrator is Suspended Over Fraudulent Wire Transfer &#8212; Investor Lawyers Blog &#8212; October 20, 2016<\/title>\n<meta name=\"description\" content=\"FINRA has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for inaccurately reporting millions of trades. The firm have chosen to settle.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Securities Cases: Merrill Lynch Ordered to Pay $2.8M for Supervisory And Other Violations, Ernst &amp; Young Agrees to Pay $11.8M for Failed Audits, and Ex-Morgan Stanley Client Administrator is Suspended Over Fraudulent Wire Transfer &#8212; Investor Lawyers Blog &#8212; October 20, 2016\" \/>\n<meta name=\"twitter:description\" content=\"FINRA has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for inaccurately reporting millions of trades. The firm have chosen to settle.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Securities Cases: Merrill Lynch Ordered to Pay $2.8M for Supervisory And Other Violations, Ernst & Young Agrees to Pay $11.8M for Failed Audits, and Ex-Morgan Stanley Client Administrator is Suspended Over Fraudulent Wire Transfer &#8212; Investor Lawyers Blog &#8212; October 20, 2016","description":"FINRA has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for inaccurately reporting millions of trades. 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The firm have chosen to settle.","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Securities Cases: Merrill Lynch Ordered to Pay $2.8M for Supervisory And Other Violations, Ernst &#038; Young Agrees to Pay $11.8M for Failed Audits, and Ex-Morgan Stanley Client Administrator is Suspended Over Fraudulent Wire Transfer","datePublished":"2016-10-21T01:37:08+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/"},"wordCount":554,"articleSection":["Arbitration Rulings","FINRA Settlements","Merrill Lynch","Morgan Stanley","SEC Enforcement","Securities and Exchange Commission"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/","url":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-merrill-lynch-ordered-pay-2-8m-supervisory-violations-ernst-young-agrees-pay-11-8m-failed-audits-ex-morgan-stanley-client-administrator-suspe\/","name":"Securities Cases: Merrill Lynch Ordered to Pay $2.8M for Supervisory And Other Violations, Ernst & Young Agrees to Pay $11.8M for Failed Audits, and Ex-Morgan Stanley Client Administrator is Suspended Over Fraudulent Wire Transfer &#8212; Investor Lawyers Blog &#8212; October 20, 2016","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2016-10-21T01:37:08+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"FINRA has fined Merrill Lynch, Pierce, Fenner and Smith Inc. $2.8 million for inaccurately reporting millions of trades. 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