Merrill Lynch will pay $415m for misuse of customer cash

After acknowledging its wrongdoing, Bank of America Merrill Lynch has agreed to pay $415m for misusing its customers money on option trades rather than holding the cash in a reserve account.

By Carmen Germaine (June 23, 2016, 10:44 AM EDT) -- Merrill Lynch has agreed to pay $415 million and issue a rare acknowledgement of wrongdoing for misusing customer cash on options trades that allowed it to free up billions of dollars that should have been held in a reserve account, the U.S. Securities and Exchange Commission said Thursday....

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