Merrill Lynch Stockbroker Barred In Investigation
Ma Rosa Linan Abrego (also known as Marosa Linan) of McAllen Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Abrego refused to comply with FINRA’s requests while being investigated for allegedly misappropriating funds from customers of Merrill Lynch. Letter of Acceptance Waiver and Consent No. 2019063173201 (Nov. 6, 2019).
According to the AWC, FINRA commenced an investigation into Abrego following Merrill Lynch’s submission of a Uniform Termination Notice for Securities Industry Registration (also known as a Form U5) in which FINRA was made aware that Abrego had been discharged by the securities broker dealer on June 10, 2019 founded on accusations that funds of Merrill Lynch clients had been misappropriated by her.
According to the AWC, on October 3, 2019, Abrego was sent a request from FINRA calling upon the stockbroker to provide recorded testimony to address the allegations of her misappropriation referenced by Merrill Lynch. The AWC stated that Abrego was expected to make an appearance before the regulator on October 17, 2019 and testify as this was required under FINRA Rule 8210. FINRA was contacted by Abrego on October 9, 2019 at which point the regulator was informed that she refused to cooperate. Abrego’s failure to testify as to the accusations of her misappropriation of funds was conduct FINRA found to be violative of Rules 2010 and 8210.
FINRA Public Disclosure confirms that Abrego was registered with Merrill Lynch between December 6, 2016 and June 10, 2019.