SEC Issues $3 Million Award to Two Former Merrill Lynch Whistleblowers. Exposing Misconduct.

SEC Issues $3 Million Award to Two Former Merrill Lynch Whistleblowers

June 12, 2019

Two former Merrill Lynch financial advisers who alleged the company made misleading statements related to a struggling investment product were the whistleblowers who received a $3 million payout by the Securities and Exchange Commission.

The SEC announced the award June 3 but didn’t identify the tipsters or which case the award is connected to, in keeping with its policy. Rebecca Katz, a senior counsel at law firm Motley Rice LLC in New York who represents both whistleblowers, identified the company involved in the case as Merrill Lynch. Merrill Lynch declined to comment.

The Wall Street Journal previously reported that former Merrill Lynch financial advisers Glen Ringwall and Mark Manion were concerned about a lack of adequate disclosure on certain fixed-costs related to a structured-note product called Strategic Return Notes, which quickly lost value after being issued in 2010.

Read more here.
The materials on this website are for general information purposes only and should not be construed as legal advice, legal opinion or any other advice on any specific facts or circumstances. Readers should not act or refrain from acting upon this information without seeking professional advice. Transmission of information on or by use of this website is not intended to create, and receipt does not constitute, a lawyer-client relationship between the sender and receiver.
Mobile Menu