SEC charges Merrill Lynch, Harvest Volatility Management for ignoring client investment limits

Key Points

The Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients’ predesignated investment limits over a two-year period.
The two companies settled separately and will pay a combined $9.3 million to resolve the claims.
The SEC found Harvest exposed investors to greater financial risks and Merrill connected clients to Harvest while aware that accounts were exceeding designated limits.

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