Merrill Lynch Fined for Brokers’ Missteps

Merrill Lynch & Co. was ordered to pay more than $225,000 in fines and restitution to investors for failing to supervise some Baltimore agents, including one broker who inappropriately invested some customers’ money in Irvine apparel company Mossimo Inc.

Investigators said Merrill had not disclosed some customer complaints to state officials, according to the Associated Press, which cited the Maryland attorney general’s office.

Merrill, the largest U.S. securities firm, was ordered to pay a $50,000 fine and return $175,253 to investors, the AP said.

Separately, Merrill has been slow offering monetary compensation to the 900 women who still have claims pending in a settlement of a sex-discrimination case, plaintiffs’ lawyers said last month.