Andy Williams, a Merrill Lynch regional manager who has been with the firm for 24 years, has been accused of participating in a scandal involving questionable trading in mutual funds, and has been removed from his position in Northern New Jersey, according to a Dow Jones report.
Last week, Williams was told to leave his post. However, he was not asked to leave the company and instead given the option of a demotion, to remain with the firm as a financial adviser.
Merrill fired three brokers in 2003 who reported to Williams: Christopher Chung, Kevin Brunnock and William Savino. Collectively known as the CBS Group, the three brought an arbitration case against Merrill through the New York Stock Exchange. NYSE ruled in their, ordering Merrill to pay them $15 million for defaming them. Merrill has since appealed the ruling, and the case is still pending.
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