Merrill Lynch Sued By Investors For Omissions
Robert Thomas Steck of Great Neck New York a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim which was resolved for $160,000.00 in damages based upon allegations that fees relating to over-the-counter equities transactions had not been disclosed (2) misrepresentations were made in regard to investments and (3) the customer was provided poor investment advice which led the customer to experience losses. FINRA Arbitration No. 19-00138 (July 26, 2019).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Steck has been identified in six more customer initiated investment related disputes that concern accusations of his misconduct when he was employed by Merrill Lynch. Specifically, Steck is referenced in a customer initiated investment related arbitration claim which was settled to resolve allegations that trades placed in the customer’s account were inappropriate. Another customer filed an investment related complaint in regard to Steck’s activities where the customer requested $14,809.00 in damages supported by accusations of mutual funds which were not suitable given the customer’s investment objectives, needs or risk tolerance.
In addition, a customer initiated investment related arbitration claim regarding Steck’s conduct was resolved for $80,000.00 in damages founded on allegations that false or misleading statements had been made about investments, and mutual fund transactions executed in the customer’s account failed to be suitable for the customer. Steck is also the subject of a customer initiated investment related complaint in which the customer sought unspecified damages based upon accusations that the customer’s investment instructions failed to be complied with.
Also, a customer initiated investment related arbitration claim involving Steck’s behavior was settled for $97,500.00 in damages supported by allegations that between 2012 and 2017, when Steck was associated with Merrill Lynch, unfounded statements had been made by the stockbroker, and transactions were effected in the customer’s account that failed to be suitable for the customer. FINRA Arbitration No. 18-01460 (Mar. 13, 2019).
Steck has been registered with Merrill Lynch since April 2, 1986.