Merrill Lynch has agreed this week to pay a $400,000 fine in a 'fund-churning' case brought by the Financial Industry Regulatory Authority Inc. (FINRA). Merrill will also pay $139,718 in restitution to the customers involved.
Allegedly Merrill failed to supervise it's former broker David Bredenburg, who worked in the Towson, Md. office. FINRA claimed Merrill did not take action to stop the alleged unsuitable trades until customers began to complain in April, 2008. Merrill then fired Bredenburg in February, 2009, for unauthorized trading, according to records filed by the company.
David Bredenburg was barred from the industry by Maryland regulators in March 2009, and by Finra in July 2010, according to regulatory filings.
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