FINRA Orders Merrill Lynch To Pay More Than $2.5 Million Related To Unit Investment Trust (UIT) Charge Discount Failure

This month, FINRA announced that it fined Merrill Lynch $500,000 and ordered the firm to pay over $2 million in restitution to its customers for failing to provide them with sales charge discounts on eligible purchases of Unit Investment Trusts (UITs). A UIT is a type of investment company that offers redeemable units that terminate…