Merrill Lynch was hit by over $400 million in penalties from regulators this week, driven in part by the severity of the allegations, lack of transparency and alleged discouragement of whisteblowers, authorities say.

And the firm's record-breaking punishment may be serving to put other brokerage firms on notice, experts and industry observers say.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access