A former Merrill Lynch broker who managed as much as $1bn has been suspended and fined by Wall Street's watchdog for allegedly not telling the firm about potentially suspicious funds transfers involving clients' accounts, according to a settlement.
Reuters reports that Anil Chaturvedi, who left Bank of America's Merrill Lynch unit voluntarily in 2011, agreed to an 18-month suspension from the U.S. securities industry and a $60,000 fine, according to a Financial Industry Regulatory Authority settlement posted on the regulator's website this week.
Chaturvedi, who now resides in Switzerland and is employed by a bank there, did not admit to or deny FINRA's allegations, according to the settlement on 18th November.
'The substance of (the case) was that he didn't report what FINRA regarded as suspicious activity, but any affirmative wrongdoing related to money laundering or the like has not been alleged', said Neal Brickman, a lawyer in New York who represented Chaturvedi.
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