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, according to Associated Press.
The SCC finalized Virginia's participation in a global settlement involving the firm.
Top Best Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign up for our Free Stock Newsletter.
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. However, 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.
Sign up for Top Best Penny Stocks' free newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
Follow us on Twitter: http://www.Twitter.com/topbestps
About Us
Top Best Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
