Michael J. Osnato, Chief of the SEC Enforcement Division's Complex Financial Instruments Unit, added, "This case demonstrates the SEC's ongoing commitment to creating a level playing field when it comes to the sale of highly complex financial products to retail investors." The SEC's order finds that Merrill Lynch violated Section 17(a)(2) of the Securities Act of 1933, which prohibits obtaining money or property by means of material misstatements and omissions in the offer or sale of securities. Without admitting or denying the findings, Merrill Lynch agreed to cease and desist from committing or causing any similar future violations and pay a penalty of $10 million.