BofA’s Merrill settles SEC fraud

Bank of America’s Merrill Lynch unit yesterday agreed to pay $10m (£6.3m) to settle US Securities and Exchange Commission charges that it fraudulently misused customer orders so it could trade for its own benefit. The SEC claimed Merrill used the order information to place proprietary trades on a desk it no longer operates. The SEC also accused Merrill of charging hidden trading fees to institutional and wealthy customers. Merrill did not admit any wrongdoing in agreeing to settle the case.