SEC Imposes $9M Penalties on Harvest and Merrill Lynch over Investor Risk Violations

The Securities and Exchange Commission (SEC) announced charges against Harvest Volatility Management LLC and Merrill Lynch, Pierce, Fenner & Smith Inc. These charges arise from violations related to exceeding clients’ designated investment limits over a two-year period, beginning in March 2016. This resulted in clients paying higher fees, facing increased market exposure, and incurring investment…