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FAI: A bunch of Bank of America customers lost $1.2 million after putting a big chunk of money in Puerto Rico

ap951101732351From Business Insider

FA Insights is a regular newsletter from Business Insider that delivers the top news and commentary for financial advisors.

The Financial Industry Regulatory Authority said on Wednesday it fined Bank of America Merrill Lynch $7 million for inadequate supervision of client brokerage accounts that used leverage to buy Puerto Rican municipal bonds and other securities.

FINRA said that 25 customers with modest net worth had three-quarters of their portfolios invested in Puerto Rican securities and lost a total of $1.2 million.

Morningstar has published its ultimate stock pickers list of the top 10 buys and sells. The case for a December rate hike has grown stronger, according to Pimco. Rising rates could be good for high-yield credit, according to AllianceBernstein.

And there are a number of year-end tax moves wealthy clients should consider following the election of Donald Trump, according to Financial Advisor.

And here’s a roundup of stories from across Wall Street:

After much back-and-forth over who would be nominated for the role of Treasury Secretary, Trump has settled on former Goldman Sachs banker Steve Mnuchin . Billionaire financier Wilbur Ross has been named nominee for Commerce Secretary, meanwhile.

Here are the headlines:

In other news, Goldman Sachs is trading at its highest level since the financial crisis. And here is the unofficial Goldman Sachs gift guide for 2016.

Elsewhere on Wall Street, it looks like a key Valeant deal might be falling apart, and now the stock is tanking. Whitney Tilson has a new short. And a new player in Silicon Valley dealmaking is snapping up tech bankers

In commodities news, OPEC has finally agreed to a production cut — and oil is rocketing. Oil stocks are going nuts too. But the OPEC deal might not be a game-changer for the Saudis.

China’s about to unleash its roller-coaster tech market on the world. And a couple of strange and terrible things are happening to the Chinese economy all at once.

In other news, 6 million Americans have stopped paying their car loans, and it’s becoming a “significant concern.” Here’s how baby boomers became the most selfish generation, according to Business Insider’s Linette Lopez.

And lastly, here are the 43 hot cars that stole the show at the 2016 LA Auto Show.

IMAGE:A homeless man improvises his shoes with pieces of cloth in front of a closed down business in Puerta de Tierra in the outskirts of Old San Juan, Puerto Rico, Sunday, Aug. 2, 2015.Ricardo Arduengo/AP

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