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Merrill to pay $26 million to New Hampshire, former NH Governor to settle churning allegations



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New Hampshire is ordering Merrill Lynch to pay $26.25 million in fines and restitution to the state and to an investor, the former Governor of New Hampshire, who claimed he suffered losses at the hands of a former Boston-based broker, to settle allegations including unauthorized and excessive trading.It is the largest monetary sanction in the state’s history and the second largest FINRA settlement in at least a decade.Merrill Lynch, which is a subsidiary of Bank of America, was also cited for failure to supervise and ordered to maintain compliance undertakings specifically put in place to address the compliance failures …

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