(June 23, 2016, 1:14 PM EDT) -- WASHINGTON, D.C. — Merrill Lynch, Pierce, Fenner & Smith Inc. has agreed to pay $415 million to settle claims that it engaged in a scheme whereby it misused customer cash to generate profits for Merrill Lynch and failed to “safeguard customer securities from the claims of its creditors” in violation of federal securities laws, according to a press release issued by the Securities and Exchange Commission on June 23 (In the Matter of Merrill Lynch, Pierce, Fenner & Smith Inc., et al., No. 3-17312, SEC)....