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Merrill Lynch hit with yet another SFC fine

Hong Kong’s Securities and Futures Commission (SFC) has reprimanded Merrill Lynch and fined it HK$3.5 million (US$451,259) for regulatory lapses by the bank in 2008. The SFC has found that Merrill Lynch failed to take adequate steps to properly handle the complaints of eleven clients. The clients were the subject of a fraud perpetrated by Joyce Hsu Ming Mei, a…

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