Merrill Lynch fined for not reporting complaints

Merrill Lynch has been fined $500,000 for failing to file more than 650 reports, including consumer complaints, criminal complaints and settlements, the Financial Industry Regulatory Authority said Monday.

The reports are used by FINRA to monitor individual brokers. Between 2005 and 2011, Merrill failed to file consumer complaints as much as 63 percent of the time, and didn't file reports on any arbitrations and criminal and civil complaints in a three-year period, the company said.

"Merrill Lynch failed to report critical information that regulators and investors rely upon," FINRA enforcement chief Brad Bennett said in a statement. "Without timely and accurate reporting by firms, investors only have part of the picture when researching and making decisions about their brokers.”

Merrill Lynch is a subsidiary of Bank of America. FINRA is a private firm that regulates brokerages and exchanges. The company has filed Merrill Lynch twice already this year.

Merrill Lynch accepted the penalty without admitting or denying the charges.