
FINRA ordered Merrill Lynch, Pierce, Fenner & Smith, Inc. To pay more than $8.4 million in restitution to more than 3,000 customers who incurred potentially excessive sales charges in connection with early rollovers of Unit Investment Trusts (uits). FINRA also fined the firm $3.25 million for failing to reasonably supervise early UIT rollovers. For more info visit https://www.finra.org/media-center/newsreleases/2021/finra-orders-merrill-lynch-pierce-fenner-smith-inc-pay-84-million