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.

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