Merrill Lynch Sued By Investors For Misrepresentation
Bernard George Adair (also known as Bernie Adair) of Old Greenwich Connecticut a stockbroker employed by Merrill Lynch Pierce Fenner Smith Incorporated has been identified in a customer initiated investment related arbitration claim where the customer sought $550,000.00 in damages founded on accusations that misrepresentations were made about investing and that the customer had been provided with unsuitable investment recommendations by Adair during the time that the stockbroker was associated with Merrill Lynch. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01925 (July 10, 2019).
Adair is the subject of seven more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Merrill Lynch. FINRA Public Disclosure indicates that a customer initiated investment related complaint pertaining to Adair’s conduct was settled for $13,845.06 in damages supported by allegations that transactions were facilitated in the customer’s account by Adair without consent from the customer during the period in which the stockbroker was employed by Merrill Lynch.
Adair is referenced in another customer initiated investment related arbitration claim which was resolved for $22,500.00 in damages based upon accusations that an inappropriate portion of the customer’s assets had been allocated in aggressive equities. According to the claim, mutual fund trades were effected without approval from the customer. The claim also alleges that the customer was poorly advised during the period in which Adair was associated with Merrill Lynch.
Another customer initiated investment related arbitration claim involving Adair’s conduct was settled for $45,000.00 in damages based upon allegations including that the customer’s investment instructions were not followed by the stockbroker while he was registered with Merrill Lynch. The claim alleges that investment recommendations made by Bernard Adair failed to be suitable for the customer and that trades effected in the customer’s account lacked the customer’s consent.
Adair has been employed by Merrill Lynch since June 3, 1991.