Ex-Merrill Exec Gets Only $1 Million From FINRA

Wednesday, March 30, 2011 07:15
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Ex-Merrill Exec Gets Only $1 Million From FINRA

Ahmass Fakahany wanted $70 million from Merrill Lynch for being replaced unceremoniously by John Thain as (then) co-president at the end of 2007. He got $1 million.

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Thain and other Merrill bigwigs were named in the complaint, as were Bank of America executives who later took over Merrill Lynch.

 

FINRA mandated that BofA Merrill pay $1.2 million of what appears to be a foregone bonus and another $60,000 in miscellaneous costs.

 

 

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