Three Merrill Lynch brokers have had their licences revoked by New Jersey's attorney general after the New Jersey Bureau of Securities filed an administrative complaint charging them with seven counts of defrauding mutual fund companies and their long-term shareholders.

Christopher Chung, Kevin Brunnock and William Savino are accused in connection with hundreds of millions of dollars made from improper "market timing" trades. The three were collectively known as the "CBS group" during their employment with Merrill Lynch.