Merrill Lynch fined $2.5 million in Massachusetts

BOSTON (Reuters) - Massachusetts' top securities regulator on Monday said that he has fined Bank of America's Merrill Lynch unit $2.5 million for failing to stick to its own compliance rules.

Secretary of the Commonwealth William Galvin settled charges with Merrill, Lynch, Pierce, Fenner & Smith that accused the brokerage of failing to supervise employees properly. The matter related to an internal presentation made to Merrill executives and financial advisers about transferring client assets.

(Reporting by Svea Herbst-Bayliss; Editing by Chizu Nomiyama)