The Financial Industry Regulatory Authority ordered Merrill Lynch, Pierce, Fenner & Smith Incorporated, as successor for Banc of America Investment Services, Inc., to pay a fine of $900,000 and to reimburse approximately $1.1 million in losses to 214 customers connected to unsuitable sales of floating-rate bank loan funds. For more info visit https://www.finra.org/media-center/news-releases/2013/finra-orders-wells-fargo-and-banc-america-reimburse-customers-more-3