Justice Department said some Merrill Lynch precious metals traders placed fraudulent orders between 2008 and 2014
Merrill Lynch will pay $25 million to resolve a government investigation of its precious metals trading program. Photo: bobby yip/Reuters By Stephen Nakrosis June 25, 2019 6:07 pm ET The U.S. Department of Justice on Tuesday said Merrill Lynch Commodities Inc. will pay $25 million to resolve a government investigation looking into a “multiyear scheme by MLCI precious metals traders to mislead the market for precious metals futures contracts traded on the Commodity Exchange Inc.
Merrill Lynch Commodities entered a nonprosecution agreement and, along with parent company Bank of America Corp., will cooperate with the government’s ongoing investigation, the department said. The companies will also enhance existing compliance programs and internal controls, the department said. The Commodity Futures Trading Commission on Tuesday announced a separate settlement with Merrill Lynch Commodities that will see the company pay a civil monetary penalty of $11.5 million and carry out other remedial and cooperation obligations in connection with any related CFTC investigation.
“We’re disappointed by the conduct of the former Merrill Lynch Commodities employees named in this matter, and have cooperated with the investigations,” a Merrill Lynch Commodities spokesman said.
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