Merrill fined $400G for faulty oversight

NYSE Regulation has fined four companies and nine individuals this month for securities violations.

NYSE Regulation Inc., the regulatory body of NYSE Euronext, has fined four companies and nine individuals this month for securities violations.
Merrill Lynch & Co. Inc., the New York-based financial services company, was fined $400,000 for failing to identify, register and supervise locations from which registered representatives were conducting business.
Electronic Brokerage Systems LLC, a Chicago-based clearing firm, was fined $175,000 for failing to aggregate thousands of odd-lot orders in addition to other trading violations.
Wachovia Securities LLC, a unit of Charlotte, N.C.-based Wachovia Corp., was fined $90,000 and censured for allowing registered representatives with inactive registrations to perform functions that required registration.
H&R Block Financial Advisors Inc., a unit of the Kansas City-based tax preparer, was fined $45,000 for allowing unregistered individuals to supervise registered representatives without having first been registered with or qualified by the NYSE.
One individual, George B. Fasciano, formerly a Dallas-based registered representative, agreed to a censure, disgorgement of $56,000, fine and pre-judgment interest of $34,929.91 and a two-year bar for engaging in short-term trading of mutual funds.
NYSE Regulation merged with NASD last week to form the Financial Industry Regulatory Authority, or FINRA, which will operate under the oversight of the Securities and Exchange Commission.