Merrill Lynch fined $2M, must pay ex-governor $24M in restitution
For overcharging and engaging in unethical stock trading with former Gov. Craig Benson’s personal fortune, Merrill Lynch has agreed to pay $24 million in restitution and $2 million in fines and costs, state securities officials said.
Fired Merrill Lynch stockbroker Charles Kenahan is permanently barred from practicing in New Hampshire, the state Bureau of Securities Regulation announced Monday.
During an interview with CNBC-TV last July, Benson said both he and his fellow Cabletron Systems Corp. co-founder Bob Levine had been victimized by Merrill Lynch.
“If they can do it to me who has a big account and served as a governor of a state, who else can they do it to?” Benson told CNBC.
Read more: https://www.unionleader.com/news/courts/merrill-lynch-fined-2m-must-pay-ex-governor-24m-in-restitution/article_c6367d6c-303d-5056-b92f-3608b3697962.html