Two former Merrill Lynch financial advisers were the whistleblowers who received a $3 million payout by the SEC
A general view of the Bank of America Merrill Lynch logo. Photo: John Keeble/Getty Images By Mengqi Sun June 12, 2019 3:50 p.m. ET Two former Merrill Lynch financial advisers who alleged the company made misleading statements related to a struggling investment product were the whistleblowers who received a $3 million payout by the Securities and Exchange Commission.
The financial advisers secretly taped calls with executives at Merrill, during which they were told not to suggest to complaining clients that the product was flawed. Messrs. Ringwall and Manion left the firm for rival UBS Group AG in 2012 and then filed a whistleblower complaint over the notes with the SEC.
Merrill Lynch, the brokerage arm of Bank of America Corp. , paid $10 million in fines in 2016 to settle SEC accusations it failed to adequately disclose certain fixed costs in the structured notes linked to a proprietary volatility index, according to the SEC. Merrill Lynch offered and sold about $150 million of the notes to approximately 4,000 retail investor accounts in 2010 and 2011, the SEC said. In its settlement, Merrill Lynch didn’t admit or deny the accusations.
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