WASHINGTON – Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to pay roughly $780,000 in restitution to 22 customers who had 75% or more of their assets invested in Puerto Rico bonds and funds and suffered huge losses trying to liquidate them to meet margin calls.

The Financial Industry Regulatory Authority found Merrill, a subsidy of Bank of America, N.A., did not have an adequate supervisory system to ensure the investments were suitable.

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