Merrill Lynch to pay Va. SCC $1.37M settlement

Posted to: Business Virginia
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The Associated Press
© December 14, 2009

RICHMOND

The Virginia State Corporation Commission says Merrill Lynch is paying nearly $1.37 million to settle allegations that investors were misled about the safety of the auction-rate securities market.

The SCC finalized Virginia's participation in a global settlement involving the firm.

Merrill Lynch was required to confirm that it has repurchased auction-rate securities from its clients as part of the settlement.

Officials say that auction-rate securities were marketed and sold to investors as safe, liquid, and cash-like investments. But they say the securities were actually long-term investments subject to a complex auction process that failed in early 2008.

The settlement stems from a multistate task force of state regulators.

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SEC

Submitted by Daoine on Tue, 12/15/2009 at 10:02 pm.

First off pal, we DO have a VA SEC.
I had an old man come to my business to inquiry about a complaint I had concerning a criminal/suspicious stock scam. The VA SEC told me they only investigate companies that do business in Virginia, which was my point. Merril Lynch does busines, and takes money from anywhere in the world, why should they not be held to account for ripping off people here?

Not enough

Submitted by Daoine on Mon, 12/14/2009 at 9:49 pm.

This is an insult to the citizens of our great state. Shame on Bank of America for allowing this to happen. Where is the SEC of Virginia???
What the Hell do we have an SEC of Virginia for?? Where is the AG of Virginia?? What do we have an AG of Virginia for? To arrest pot smokers?

A million might seem like a great lotto win to us mere mortals, but the nice people at Merrill doing God's Work (Goldman Sach's quote) got a $3.6BILLION (with a 'B') distributed bonus last Christmas making over 700 non-hamburger flippng or Wal-mart greeting prima donnas millionairs again. Oh, AFTER the firm happend to lose $27 BILLION (with a 'B').
This year's bonus promises to be even better.

Naturally they asked for help from our government, as BOA had, the owners of Merrill.Which means we are paying taxes on it. Please don't let them say they "paid it all back" -if and when they do.
Does Capitol One allow me to borrow a few Billion without a 29.99% interest fee?

It is always a business decision to make to be able to logistically calculate whether stealing (from investors that trust them) is worth the final lawsuit, lawyers and court costs. If I rob a bank and walk out with 5 million, hid

Nobody knew until the shoe fell

Submitted by glennf1 on Mon, 12/14/2009 at 11:51 pm.

First off the SEC is a Federal Agency. There isn't a SEC of VA. Your point you are trying to make is the same as saying why do we have crime because the police are supposed to stop it before it all happens. Some things are not discovered until after the fact.