Let’s Make A Deal | BofA Fined $2.8 Million for Overbilling Customers $32.2 Million

BofA Fined $2.8 Million for Overbilling 95,000 Accounts

Bank of America Corp.’s Merrill Lynch wealth-management unit was fined $2.8 million by the Financial Industry Regulatory Authority for overbilling customers by $32.2 million over an eight-year period.

Merrill Lynch charged the fees to about 95,000 accounts between April 2003 and December 2011, FINRA said in a statement today. New York-based Merrill Lynch, which was acquired by Bank of America in 2009, lacked an adequate supervisory system to ensure that customers were billed in accordance with their contracts and disclosure documents, the regulator said.

“Investors must be able to trust that the fees charged by their securities firm are, in fact, correct,” Brad Bennett, FINRA’s chief of enforcement, said in the statement. “When this is not the case, investor confidence is threatened.”

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6 Responses to “Let’s Make A Deal | BofA Fined $2.8 Million for Overbilling Customers $32.2 Million”
  1. LVLawman says:

    Day after day this website and others provide a forum to bitch, bitch, bitch, And as I posted in the past, no one is EVER held accountable for the massive fraud.

    If I could steal money and the penalty is to pay back less than 10% when, and if, caught, I’ll take that avocation over working for a living any time.

    When our reprsentatives need billions every cycle to keep their privilidged offices, the fraudster banksters have and will keep winning because money talks and …………. you know the parable.

    The pols know as long as the majority CAN” pay their mortgages, auto loans and credit cards, as 80% of Americans still can, they will buy their BS and refuse to educated themselves about the real issues required to participate in and effect a real democracy. The pols of both parties will just continue with the mindless sound bite BS.

  2. Barbra Orr says:

    Nothing that BOA does surprises me. I think everyone needs to go thru the drive-in window of BOA and instead of making a deposit print off the story of one of their fraud stories for the employees. It will create disloyalty

  3. neidermeyer says:

    This is why nobody trusts ANY settlement ,,, they should have been fined $322MM …

  4. talktotennessee says:

    everyone and his dog makes money off the bank fraud and predatory lending but the people who actually got hurt, duped and lost their homes and equity. . . go figure???

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