- The Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients’ predesignated investment limits over a two-year period.
- The two companies settled separately and will pay a combined $9.3 million to resolve the claims.
- The SEC found Harvest exposed investors to greater financial risks and Merrill connected clients to Harvest while aware that accounts were exceeding designated limits.
The Securities and Exchange Commission charged Harvest Volatility Management and Merrill Lynch on Wednesday for exceeding clients’ predesignated investment limits over a two-year period.
Merrill, owned by Bank of America, and Harvest have agreed in separate settlements to pay a combined $9.3 million in penalties to resolve the claims.
Harvest was the primary investment adviser and portfolio manager for the Collateral…
