Part 3 — $22 Million Worth of Reasons Why It Pays to Comply with Regulatory Organizations

In Part 2 of this five-part series dealing with regulatory fines, Phoenix Cardiac Surgery received a $100,000 fine for an HIPAA violation after the practice posted its patients’ appointments online. While Phoenix Cardiac found itself in hot water as a result of releasing too much information, this next company made the mistake of withholding important data.

Merrill Lynch — $2.8 million


In June 2012 the Financial Industry Regulatory Authority (FINRA) fined Merrill Lynch $2.8 million for overcharging 95,000 customer accounts more than $32 million dollars in fees and for failing to provide required trade notices due to programming errors. On top of these hefty offenses, during the investigation, FINRA also found that Merrill Lynch failed to provide business continuity plans.

Keep checking back for Part 4!