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SEC Investigates Merrill Lynch Employees for Improper Trading Jan. 15, 2008 (AFX News Limited) NEW YORK (Thomson Financial) - The Securities and Exchange Commission is investigating several current and former employees of brokerage Merrill Lynch & Co. for the practice of front-running, or trading for the firm's own account ahead of customer orders, the Wall Street Journal reported Monday. The report, citing people familiar with the matter, said the inquiry is focusing on "whether certain Merrill employees improperly stepped in front of orders placed by Fidelity Investments, the large mutual-fund operator," from 2002 through 2005. A Merrill Lynch spokesman told the Journal that the firm always cooperates with regulatory inquiries and declined to comment further. The investigation into Merrill's house trading is "advanced," the report said. Padraic Cassidy pc/jw |
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