FINRA fined Merrill Lynch, Pierce, Fenner & Smith Inc. For improperly selling shares in initial public offerings (ipos) to industry insiders, including its employees' immediate family members and customers who were brokers at other brokerage firms. Merrill Lynch was required to pay a $5.5 million fine, and disgorge $490,530 it earned as revenue from the sales. For more info visit https://www.finra.org/media-center/news-releases/2018/finra-sanctions-merrill-lynch-6-million-selling-ipos-industry-insiders