New Jersey Bars Ex-Merrill Brokers for Market Timing

The New Jersey Bureau of Securities has barred three former Merrill Lynch brokers for allegedly enabling Millennium Partners to place more than 25,000 market-timing trades. Further, the three—Christopher Chung, Kevin Brunnock and William Savino— must pay $1.15 million in civil penalties.

“The hard-earned money of investors was put at unnecessary risk by the illegal actions of these individuals,” said New Jersey Attorney General Anne Milgram.