Litigator of the Week: A Slap on the Wrist? More like the Tap of a Feather
It was an offer his client couldn't refuse.That's how Fried, Frank, Harris, Shriver & Jacobson partner Steven Witzel described the deal offered by the U.S. Securities and Exchange Commission to William Tirrell, a former top executive at Bank of America and its wholly owned broker-dealer Merrill Lynch.
September 09, 2017 at 12:22 AM
22 minute read
It was an offer his client couldn't refuse.
That's how Fried, Frank, Harris, Shriver & Jacobson partner Steven Witzel described the deal offered by the U.S. Securities and Exchange Commission to William Tirrell, a former top executive at Bank of America and its wholly owned broker-dealer Merrill Lynch.
The government accused Tirrell of being directly involved in a massive securities fraud. The bank itself had previously agreed to a $415 million settlement—the second largest penalty in SEC history—for allegedly misusing customers' funds to help it get around a requirement to keep substantial cash on the sideline in the event that it became insolvent.
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