Merrill Lynch Sued By Investors For Fraud
Michael Scott Bromberg of New York New York a stockbroker registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim which was settled for $48,500.00 in damages based upon allegations that (1) misrepresentations were made to the customer by Bromberg in regard to his stock trading in the customer’s account (2) investment recommendations were not suitable for the customer and (3) the customer’s investment instructions were disregarded by Bromberg between 2014 and 2018 while he was associated with Merrill Lynch. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01266 (Jan. 23, 2020).
This is not the first time that Bromberg has been referenced in a customer initiated investment related dispute concerning accusations of his misconduct in the securities industry. FINRA Public Disclosure confirms that a customer filed an investment related complaint involving Bromberg’s conduct in which the customer requested $19,925.00 in damages based upon allegations that the customer’s account was churned and mishandled by Bromberg.
Another customer filed an investment related complaint concerning Bromberg’s activities where the customer sought $10,020.00 in damages founded on accusations that the customer experienced undue losses because of the stockbroker during the time that he was employed by CIBC World Markets Corp. The complaint alleges that the customer was provided with bad investment recommendations concerning corporate bonds and growth funds which did not generate income that was needed by the customer.
Bromberg is also referenced in a customer initiated investment related complaint in which the customer requested at least $5,000.00 in damages supported by allegations that transactions that were facilitated in the customer’s UBS PaineWebber Inc. account by the stockbroker failed to align with the customer’s investment objectives and had resulted in losses for the customer’s account.
Bromberg has been registered with Merrill Lynch since February 13, 2014.