March 8, 2018 / 3:51 PM / 5 months ago

Merrill Lynch to pay $1.25 million penalty in SEC settlement: statement

WASHINGTON (Reuters) - Merrill Lynch has agreed to settle U.S. charges over allegations that it did not properly prevent unregistered sales of a software company’s shares on behalf of a China-based issuer, the Securities and Exchange Commission said on Thursday.

FILE PHOTO: A worker washes windows high atop the Merrill Lynch building in downtown San Diego, California September 1, 2015. REUTERS/Mike Blake

Merrill Lynch, part of Bank of America (BAC.N), did not admit or deny the SEC’s findings as part of the settlement but agreed to pay a $1.25 million penalty and more than $154,000 in disgorgement and prejudgment interest earned on the improper sales, the regulator agency said in a statement.

Reporting by Susan Heavey; Editing by Chizu Nomiyama

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