Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit

FINRA Fines Merrill Lynch $6 Million for Longstanding AML Program Failures

Retrieved on: 
Tuesday, July 11, 2023
Public Policy, Government, Legal, Finance, Law Enforcement, Emergency Services, Consulting, Banking, Accounting, Professional Services, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, Senior, SAR, Identity theft, AML, Bank Secrecy Act, Bank of America, FINRA, Security (finance), Bank, Fraud, Merrill (company), SARS, Financial adviser

Broker-dealers such as Merrill Lynch are required to file a SAR for suspected criminal activity that involves aggregate funds or other assets of $5,000 or more.

Key Points: 
  • Broker-dealers such as Merrill Lynch are required to file a SAR for suspected criminal activity that involves aggregate funds or other assets of $5,000 or more.
  • Merrill Lynch failed in this basic responsibility.”
    FINRA issued Regulatory Notice 19-18 to provide guidance to member firms regarding suspicious activity monitoring and reporting obligations under FINRA Rule 3310 (Anti-Money Laundering Compliance Program).
  • In settling this matter, Merrill Lynch consented to the entry of FINRA’s findings, without admitting or denying the charges.
  • The Securities and Exchange Commission announced today that Merrill Lynch agreed to pay a $6 million penalty in a separate action concerning the same misconduct.

Ambac Settles RMBS Litigations Against Bank of America

Retrieved on: 
Friday, October 7, 2022
Professional Services, Legal, Finance, Xchange, Bank of America, Mission statement, Publication, Bank of America Home Loans, New York Supreme Court, Calibuso v. Bank of America Corp., Failure, LLC, Person, NYSE, Investment, Private Securities Litigation Reform Act, Industry, Ownership, Johnson Financial Group, Jesinoski v. Countrywide Home Loans, Inc., Time, New, Risk, Disagreement, County, Chapter Nine, London, Countrywide, Annual report, Rehabilitation, P&C, Sex segregation, Insurance, SEC, AM Best, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, Completeness, Bank, Capital, Acquisition, AAC, Forward-looking statement, COVID-19, Supreme court, RMBS, Merrill (company), Security (finance), Ambac

1Includes the following pending litigations: Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc., Countrywide Securities Corp., Countrywide Financial Corp., and Bank of America Corp. (Supreme Court of the State of New York, County of New York, Case No.

Key Points: 
  • 1Includes the following pending litigations: Ambac Assurance Corporation and the Segregated Account of Ambac Assurance Corporation v. Countrywide Home Loans, Inc., Countrywide Securities Corp., Countrywide Financial Corp., and Bank of America Corp. (Supreme Court of the State of New York, County of New York, Case No.
  • Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Countrywide Securities Corp., Countrywide Financial Corp. (a.k.a.
  • Bank of America Home Loans) and Bank of America Corp. (Supreme Court of the State of New York, County of New York, Case No.
  • Ambac Financial Group, Inc. (Ambac or AFG) is a financial services holding company headquartered in New York City.

Ambac Defeats Summary Judgment Motion and Obtains Trial Date in Fraud Case Against Countrywide and Bank of America

Retrieved on: 
Wednesday, August 31, 2022
Banking, Professional Services, Insurance, Finance, Xchange, COVID-19, Merrill (company), London, Sex segregation, RMBS, Insurance, Calendar, AAC, Rehabilitation, New, Bank of America Home Loans, Supreme court, LLC, Risk, Mission statement, Jesinoski v. Countrywide Home Loans, Inc., Bank of America, Time, New York Supreme Court, SEC, County, Annual report, Bank, Industry, Disagreement, Ownership, Johnson Financial Group, Investment, Chapter Nine, Private Securities Litigation Reform Act, Acquisition, NYSE, Person, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, Calibuso v. Bank of America Corp., Court, Publication, Failure, AM Best, P&C, Forward-looking statement, Security (finance), Countrywide, Ambac

Ambac is pleased with the Courts decision to allow its fraud case against Countrywide and Bank of America to go forward to trial in front of a jury.

Key Points: 
  • Ambac is pleased with the Courts decision to allow its fraud case against Countrywide and Bank of America to go forward to trial in front of a jury.
  • Through this case, Ambac seeks to prove that Countrywide made false and intentionally misleading representations to Ambac about, among other things, its mortgage origination practices and the purported quality of its mortgage loans.
  • In addition to this case, Ambac continues to pursue additional claims against Bank of America and related entities in the cases entitled Ambac Assurance Corporation and The Segregated Account of Ambac Assurance Corporation v. Countrywide Securities Corp., Countrywide Financial Corp. (a.k.a.
  • Bank of America Home Loans) and Bank of America Corp. (Supreme Court of the State of New York, County of New York, Case No.

FINRA Orders Merrill Lynch, Pierce, Fenner & Smith, Inc. to Pay $15.2 Million in Restitution

Retrieved on: 
Thursday, June 2, 2022
Banking, Legal, Professional Services, Finance, Regulation, Merrill (company), Head, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, Class, Letter, Compliance, SEC, Industry, Class C, FINRA, Education, Financial adviser

Mutual fund issuers offer different classes of mutual fund shares, including Class A and Class C shares.

Key Points: 
  • Mutual fund issuers offer different classes of mutual fund shares, including Class A and Class C shares.
  • Many mutual fund issuers allow customers to purchase Class A shares without a front-end sales charge if the purchase exceeds certain thresholds.
  • Merrill Lynch maintained an automated system designed to restrict a customers purchase of Class C shares when lower cost Class A shares were available.
  • The system, however, often failed to correctly identify and implement applicable purchase limits on Class C shares.

Mineralys Therapeutics Appoints Adam Levy as Chief Financial Officer and Chief Business Officer

Retrieved on: 
Tuesday, March 15, 2022
Therapy, Wedbush Securities, Jefferies Group, Blood pressure, Chronic kidney disease, Patient, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, Plasma, Nasdaq, Hormone, CFO, Aldosterone, Hypertension, CBO, Company, Mitsubishi Tanabe Pharma, CYP11B2, Merrill (company), Industry, Vifor Pharma, Pharmaceutical industry

PHILADELPHIA, March 15, 2022 /PRNewswire/ -- Mineralys Therapeutics, Inc., a private, clinical-stage biopharmaceutical company committed to developing best-in-class, novel therapy for the treatment of hypertension, today announced the appointment of Adam Levy as the company's new Chief Financial Officer (CFO) and Chief Business Officer (CBO).

Key Points: 
  • PHILADELPHIA, March 15, 2022 /PRNewswire/ -- Mineralys Therapeutics, Inc., a private, clinical-stage biopharmaceutical company committed to developing best-in-class, novel therapy for the treatment of hypertension, today announced the appointment of Adam Levy as the company's new Chief Financial Officer (CFO) and Chief Business Officer (CBO).
  • "We are pleased to announce Adam's appointment and welcome him to the Mineralys leadership team.
  • Adam brings more than two decades of operational and transactional expertise in biotech and investment banking.
  • As CBO at miRagen Therapeutics, Inc., Adam had broad operational responsibilities and led several business development transactions and capital raises, including a listing on the Nasdaq.

Murphy & McGonigle Names New Office Managing Partners for New York, Virginia

Retrieved on: 
Monday, September 27, 2021
DOJ, Regulation, FINCEN, UBS AG, Office, Equity, McGonagle, Justice, CFTC, OMP, Financial technology, U.S. Department of Justice Office of Legislative Affairs, Inclusion, Executive Committee, DE, Industry, UBS, Decentralized finance, Jackson Kelly (law firm), FINRA, OCC, Merrill (company), CME Group, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit, Chair, Blockchain, Privacy Office of the U.S. Department of Homeland Security, Company, Wall Street, Kate, National Executive Committee of the Labour Party, Private practice, Series 7, SEC, Financial adviser

NEW YORK, Sept. 27, 2021 /PRNewswire/ -- Financial services law firm Murphy & McGonigle announced today the appointment of two attorneys as new Office Managing Partners (OMP) at the Firm.

Key Points: 
  • NEW YORK, Sept. 27, 2021 /PRNewswire/ -- Financial services law firm Murphy & McGonigle announced today the appointment of two attorneys as new Office Managing Partners (OMP) at the Firm.
  • Katherine McGrail, litigation shareholder and the Chief Diversity, Equity & Inclusion Officer, becomes the new Office Managing Partner of the Virginia office, and litigation shareholder Andrew Melnick will serve as Office Managing Partner of the firm's headquarters New York office.
  • Both attorneys will also serve on the Firm's Executive Committee, along with Elizabeth Lan Davis, Chair of Murphy & McGonigle; Tom McGonigle, Office Managing Partner of the Washington, DC office; and New York shareholder Leonard Amoruso.
  • Murphy & McGonigle operates in New York, Washington, DC, Virginia, Chicago and San Francisco.

(STMP) Alert: Johnson Fistel Announces Shareholder Class Action Against Stamps.com Survives Motion to Dismiss; Should Management be Held Accountable for Investors Losses?

Retrieved on: 
Wednesday, February 12, 2020
Securities Class Action, Security, Class action, Great Recession in the United States, Lawsuits, Law, Grant & Eisenhofer, Corporate crime, Finance, Merrill Lynch, Pierce, Fenner & Smith, Inc. v. Dabit

In 2019, a Securities Class Action Complaint was filed on behalf of those who purchased securities of Stamps, between May 3, 2017 and May 8, 2019.

Key Points: 
  • In 2019, a Securities Class Action Complaint was filed on behalf of those who purchased securities of Stamps, between May 3, 2017 and May 8, 2019.
  • Recently, the class action lawsuit survived the Defendants' attempts to have the case dismissed.
  • Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia.
  • The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits.