A May 4 article on page 1, "SEC Reprimands Meridian Investment Unit, Citing Conflict of Interest in Benefit Plans," should have been clearer about the precise offense cited in a cease-and-desist order against Meridian Investment Corp.

The agency did not find that the Meridian Bancorp unit had misapplied the trust funds it invested in a marina project. The order was based on a narrower finding - of conflict of interest arising from the developer's quid-pro-quo promise of help in winning a pension contract.

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