Two former Merrill Lynch advisers alleged the US bank made misleading statements in offering materials provided to retail investors in structured notes linked to a proprietary index.
The US Securities and Exchange Commission (SEC) has awarded US$3m to two former Merrill Lynch financial advisers who alleged the US bank provided misleading statements related to a structured note sold in the US – the Strategic Return Notes Investable Volatility Index . The regulator’s announced the whistleblowers payout on June 3 on the basis of a SEC investigation and subsequent successful enforcement action involving an alleged securities law violation that impacted retail invest
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