Tag Archives: Merrill Lynch Pierce Fenner & Smith Inc.

Merrill Lynch Sued By Investors For Bad Investment Advice

Christopher David Sadaka of Jupiter Florida a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related arbitration claim where the customer sought unspecified damages supported by accusations that between May of 2014 and March of 2017: (1) false or misleading statements had been made concerning oil […]

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Morgan Stanley Sued By Investors Over ETF Sales

Edward Louis Barger of Miami Florida a stockbroker formerly employed by Morgan Stanley is the subject of a customer initiated investment related arbitration claim which was settled for $92,500.00 in damages based upon accusations of the customer being sold bad over-the-counter equities, closed-end funds and common and preferred stocks. FINRA Arbitration No. 17-02301 (Oct. 23, […]

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Merrill Lynch Stockbroker Sanctioned For Misrepresentation

September 13, 2019  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Jedediah Elvin Dahl of Knoxville Tennessee a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Dahl’s consent to findings that he made false or misleading statements in regard to investments offered to […]

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Investors Sue Merrill Lynch For Misrepresentation

September 13, 2019  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News, Suitability   |   0 Comments

Lorenzo C. Esteva of Miami Florida a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related arbitration claim which was settled for $225,000.00 in damages supported by allegations that (1) omissions and unfounded statements had been made to the customer concerning the terms and conditions […]

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FINRA Sanctions Merrill Lynch Stockbroker For Customer Loans

Fred Ronald Brown Jr. of Montgomery Alabama a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been fined $12,500.00 and suspended for ten months from associating with any FINRA member in any capacity based upon allegations that (1) Brown took possession of customers’ funds through an unapproved customer loan arrangement and (2) […]

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Merrill Lynch Stockbroker Barred In FINRA Investigation

June 28, 2019  |   Posted by :   |   Customer Loans, Elder Abuse, Stockbroker Fraud News   |   0 Comments

Patrick Neal Foley of Ontario California a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Foley failed to cooperate with FINRA during an investigation into accusations of Foley taking possession of […]

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Investors Blame Merrill Lynch For Alleged Stockbroker Misappropriation

Fred Ronald Brown Jr. of Montgomery Alabama a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related written complaint which had been resolved for $55,000.00 on January 8, 2018 founded on allegations that the customer was solicited for purposes of a loan where the customer’s […]

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FINRA Sanctions Merrill Lynch Stockbroker For Outside Activities

June 18, 2019  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Kyung Soo Kim of Katy Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Kim engaged in outside business activities without having notified Merrill Lynch during the […]

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Merrill Lynch Pays Back Unapproved Loan to Customer

Michael Ross Highfill of Ridgeland Mississippi a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related complaint which was resolved on June 22, 2016 for $215,000.00 in damages supported by accusations that (1) Highfill inappropriately steered the customer towards loaning Highfill funds in connection with an […]

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Merrill Lynch Accused Of Excessive Trading By Investors

Steven Michael Richardson of Walnut Creek California a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on April 11, 2019 in which the customer requested unspecified damages based upon accusations that between January 1, 2018 and June 7, 2018, excessive exchange traded fund […]

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Merrill Lynch Stockbroker Suspended For Selling Away

Michael Milad Tanha (also known as Mikey Tanha) of Beverly Hills California a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been fined $15,000.00 and suspended for ten months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Tanha engaged in […]

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FINRA Bars Merrill Lynch Stockbroker For Lying

May 08, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Michael John Ahearn of Yardley Pennsylvania a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Incorporated has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Order Accepting Offer of Settlement containing findings that Ahearn lied to FINRA during the course of a FINRA investigation […]

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Merrill Lynch Sued By Investors For Municipal Bond Fraud

Derek David Rosenberg of Las Vegas Nevada a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related arbitration claim which was settled for $70,000.00 in damages based upon allegations that misrepresentations had been made to the customer concerning municipal debt investments selected for the customer’s account […]

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Investors Sue Merrill Lynch For Bad Investment Advice

Jacquin P. Fink of New York New York a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim in which the customer requested $3,581,198.00 in damages supported by accusations of bad investment recommendations being made to the customer concerning (1) over-the-counter equities (2) […]

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Investors Sue Merrill Lynch For Misrepresentation

John Joseph Birkhauser of Lake Forest Illinois a stockstockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related arbitration claim which was settled for $10,000.00 in damages founded on allegations that (1) misrepresentations had been made concerning the terms or risks of the limited partnership interests sold […]

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Investors Blame Merrill Lynch For Bad Investments

March 28, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Bradford E. Bugher of Wilmington Delaware a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related written complaint on December 19, 2018 where the customer requested unspecified damages supported by allegations that between November 19, 2018 and December 19, 2018, while Bugher was associated with Merrill […]

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Merrill Lynch Broker Admits To Unauthorized Trading

March 15, 2019  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Michael Brian Holder Jr. (also known as Mike Holder) of Dallas Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he effected unauthorized trades in customers’ investment accounts while […]

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Merrill Lynch Blamed By Investors For Bad Investment Advice

Gregory Dehrmann Miseyko of Boca Raton Florida a stockbroker associated with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related written complaint which was settled on January 14, 2019 to resolve accusations that the customer’s assets were placed in inappropriate investments within the customer’s managed accounts. Financial Industry Regulatory […]

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Investors Sue Merrill Lynch For Annuity Fraud

Jonathan Rafe Rankin (also known as Jonathan Rafe Ranlein) a stockbroker and supervisor currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on November 8, 2017 in which the customer requested damages estimated to exceed $5,000.00 founded on accusations that misrepresentations and omissions had […]

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Merrill Lynch Accused By Investors Of Bad Investment Advice

Menard Sanford Schwartz of Chicago Illinois a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related written complaint which settled for $61,883.00 on January 10, 2017 founded on accusations that investment recommendations made to the customer were not suitable concerning over-the-counter equities held in their […]

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Merrill Lynch Sued By Investors For ETF Fraud

Raj Sharma of Boston Massachusetts a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim in which the customer requested $70,000.00 in damages founded on accusations that (1) misrepresentations and omissions had been made to the customer from January of 2012 to January […]

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Merrill Lynch Broker Suspended By FINRA For Hiding Recommendations

March 04, 2019  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News, Suitability   |   0 Comments

William Bruckner of Boca Raton Florida a stockbroker formerly employed by Merrill Lynch has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Bruckner mismarked customer order tickets by claiming that the transactions were not solicited when they were actually solicited by […]

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Merrill Lynch Broker Barred For Mutual Fund Fraud

Bhenoy Dembla (also known as Ben Dembla) of Chicago Illinois a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Incorporated has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Dembla violated the firm’s mutual fund policies by entering and cancelling fake […]

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Merrill Lynch Broker Admits To Altering Customer Documents

January 29, 2019  |   Posted by :   |   FINRA Securities Arbitration, Forgery, Stockbroker Fraud News   |   0 Comments

Adriane L Cagle of Peachtree City Georgia a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been fined $5,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Cagle altered customer account documents without authorization. Letter of […]

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Merrill Lynch Broker Admits To Lying To Regulators

January 29, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Joseph Bert Feldman of Virginia Beach Virginia a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he misrepresented his involvement in a customer’s trust specifically […]

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Merrill Lynch Broker Fined For Outside Business Activities

Carnell Moore of Tampa Florida a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Moore engaged in unauthorized outside business activities. Letter of Acceptance Waiver and Consent No. […]

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New Jersey Charges Former Merrill Lynch Broker With Dishonest Business Practices

Kai Chong Cheng of New York New York a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. and investment adviser representative and president of Affinity Capital Management LLC has been fined $10,000.00 and suspended for five years from registering as an investment advisor according to a New Jersey Bureau of Securities Administrative Consent […]

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Merrill Lynch Sanctioned In Bribery Theft Scheme For Failure To Supervise

Merrill Lynch Pierce Fenner Smith Inc. a brokerage firm headquartered in New York New York has been censured and fined $300,000.00 by Financial Industry Regulatory Authority (FINRA) based upon the firm’s consent to findings that it failed to supervise a registered representative who defrauded a customer of the firm. Letter of Acceptance Waiver and Consent […]

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Merrill Lynch Fires Broker For Outside Business Activity

January 06, 2019  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Laura Anne Parker of Austin Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been discharged from the firm on September 23, 2016 supported by accusations that she neglected to inform her firm about an outside business activity that she had engaged in while associated with the firm. Financial Industry Regulatory […]

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Merrill Lynch Stockbroker Caught Selling Away

January 06, 2019  |   Posted by :   |   Customer Loans, Selling Away, Stockbroker Fraud News   |   0 Comments

Patrick Thomas Golden of Charlotte North Carolina a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith has been fined $15,000.00 and suspended for twenty months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that (1) Golden engaged in private securities (2) Golden engaged in […]

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Investors Sue Merrill Lynch For Unauthorized Trading

John Richard Henderson of Sarasota Florida a stockbroker formerly currently with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on September 6, 2016 where the customer requested unspecified damages founded on allegations that unauthorized over-the-counter equities trades were effected in the customer’s account. Financial Industry Regulatory Authority […]

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Investors Sue Merrill Lynch For Churning

Brad Roger Nettune of Summit New Jersey a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $6,000,000.00 in damages based upon accusations that (1) the customer’s account was churned and (2) unsuitable over-the-counter equities recommendations were made […]

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FINRA Bars Merrill Lynch Broker For Dodging Inquiry

January 03, 2019  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jose Giraldo also known as Tomas Giraldo a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he failed to supply FINRA with information that FINRA requested from him. Case No. 2018058059201 (Aug. 27, 2018). […]

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Merrill Lynch Sued By Investors For Failure To Supervise

Michael C. Rodriguez of Dallas Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been named in a customer initiated investment related arbitration claim which settled for $475,000.00 in damages based upon accusations that Merrill Lynch or Rodriguez failed to supervise unit investment trust transactions that were placed in the customer’s […]

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Merrill Lynch Sued For $1.9 Million For Failure to Follow Instructions

December 21, 2018  |   Posted by :   |   Failure to Execute, Stockbroker Fraud News   |   0 Comments

Lance Allen Lohr of Cincinnati Ohio a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $1,910,188.00 in damages supported by accusations of the failure to follow the customer’s instructions from December 2016 in regard to common and preferred stock […]

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Investors Sue Merrill Lynch For Unauthorized Trading

Susan E. Regan (also known as Susan Marie Eustace) of Westfield New Jersey a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested $140,000.00 in damages founded on allegations that (1) misrepresentations and omissions were made in regard to […]

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FINRA Bars Merrill Lynch Broker For In Investigation

December 21, 2018  |   Posted by :   |   Misappropriation of Funds, Selling Away, Stockbroker Fraud News   |   0 Comments

Christopher C. Hellman of Boca Raton Florida a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Hellman failed to cooperate with FINRA personnel in an investigation into Hellman’s alleged private securities […]

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Merrill Lynch Blamed For Failure To Follow Instructions

Gary Kahn Stern of New York New York a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on October 24, 2018 where the customer requested unspecified damages based upon accusations that between August 14, 2017 and October 24, 2018, the customer’s investment […]

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Investors Sue Merrill Lynch Mutual Fund Misconduct

Michael Vincent Foley of Upper Arlington Ohio a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim which settled for $28,642.26 in damages founded on accusations that between March of 2010 and June of 2016: (1) misrepresentations were made to the customer concerning mutual […]

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Investors Collect From Merrill Lynch For Excessive Trading

Joel Thomas Summerlin of Tampa Florida a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint which was resolved for $75,000.00 on March 1, 2018 supported by allegations that between June of 2010 and April of 2017: (1) Summerlin made investment recommendations to the […]

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Merrill Lynch Blamed For Failure To Follow Instructions

November 23, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Anthony William Smith (also known as Tony Smith) of New York New York a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related written complaint that was resolved on May 2, 2017 for $28,340.48 in damages founded on allegations that Smith failed to abide by the […]

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Merrill Lynch Sued By Investors For Fraud

Gregory Alan Voight of Providence Rhode Island a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $75,000.00 in damages founded on allegations that (1) misrepresentations were made to the customer concerning structured products and municipal debt products (2) investment […]

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Morgan Stanley Discharges Broker For Misconduct

November 03, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Daniella Rebecca Rand of San Francisco California a stockbroker formerly employed by Morgan Stanley has been discharged by the firm on March 6, 2017 based upon Morgan Stanley’s allegations that Rand violated the firm’s customer correspondence directives and provided inaccurate or incomplete information to the firm in regard to Rand’s activities when investigated for misconduct. […]

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Merrill Lynch Sued For Mutual Fund Fraud

Alex Jose Gierbolini of Guaynabo Puerto Rico a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated is referenced in a customer initiated investment related arbitration claim in which the customer sought $265,000.00 in damages founded on accusations that misrepresentations had been made to the customer and mutual fund transactions were placed in the […]

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Merrill Lynch Finally Discharges Dick Sladek For Outside Activities

Richard Bruce Sladek of Coeur D’Alene Idaho a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been discharged by the firm on August 16, 2017 founded on accusations that Sladek violated Merrill Lynch’s policies by failing to inform the firm about his outside business activities and having participated in an unauthorized financial […]

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Merrill Lynch Accused By Investor Of Misrepresentation

October 22, 2018  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News   |   0 Comments

Catherine Mercedes Santiago Toca of Guaynabo Puerto Rico a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim in which the customer requested $1,250,000.00 in damages based upon allegations that between July 2011 and August 2017, (1) Toca made investment recommendations to the […]

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Merrill Lynch Terminates Stockbroker For Cause

October 22, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Thomas Brian Healy of Albany New York a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been discharged on July 24, 2017 supported by allegations that Healy failed to comply with Merrill Lynch’s policies and trainings. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Healy has been identified in three customer […]

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Investors Accuse Merrill Lynch Of Annuity Fraud

Charles Paul Buland of Tulsa Oklahoma a stockbroker currently employed by Merrill Lynch Pierce Fenner and Smith Inc. is referenced in a customer initiated investment related written complaint which was resolved for $18,000.00 on August 21, 2018 supported by accusations that misrepresentations had been made to the customer between June of 2008 and August of […]

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Investors Accuses Merrill Lynch Of Bad Advice

September 12, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Gary George Peirce of Hingham Massachusetts a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on October 24, 2017 in which the customer sought $8,000.00 in damages founded on allegations that between November of 2016 and October of 2017, unsuitable recommendations had been […]

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Investor Accuses Merrill Lynch Of Misrepresentation

September 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Tyra Nelson Ellison of Farmington Connecticut a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on October 12, 2017 in which the customer requested unspecified damages founded on allegations that (1) misrepresentations and omissions had been made to the customer in September […]

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FINRA Bars Merrill Lynch Broker For Failure To Respond

September 12, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Dawei Wang of Norco California a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that information was not provided by Wang to FINRA personnel after it was requested of him. Case No. 2017055025901 (Jan. […]

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Merrill Lynch Broker Fired For Outside Business Activity

August 17, 2018  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Caroline Novak of Menlo Park California a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Incorporated has been terminated on December 15, 2017 supported by accusations that Novak neglected to inform Merrill Lynch about her engagement in an outside business activity. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally confirms that on August 31, […]

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Merrill Lynch Discharges Stockbroker For Selling Away

August 14, 2018  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Frank Howard Zito of Ridgeland Mississippi a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been discharged by the firm on June 25, 2018 supported by accusations that Zito failed to abide by the firm’s policies concerning outside business activities disclosures and selling away from the firm. Financial Industry Regulatory Authority (FINRA) […]

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Customer Accuses Merrill Lynch Of Annuity Misrepresentation

Joel Lansat of Palm Beach Gardens Florida a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on December 4, 2017 where the customer sought unspecified damages supported by allegations that misrepresentations had been made to the customer on variable annuity documentation at the […]

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Customer Sues Merrill Lynch For Annuity Scheme

August 13, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Stephen Lee Wolferman of Montvale New Jersey a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested $500,000.00 in damages supported by allegations that between 2010 and 2016, the customer was placed in annuities that were not suitable for […]

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Merrill Lynch Broker Suspended For Unauthorized Trading

August 13, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Ethan De Naray of Minneapolis Minnesota a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he improperly exercised discretion in customer accounts and mismarked customer order tickets. Letter […]

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Merrill Lynch Accused Of Municipal Bond Fraud

August 13, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Ronald Frank Loeb of Bloomfield Hills Michigan a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint which settled for $15,000.00 on June 9, 2018 founded on accusations that Loeb made unsuitable investment recommendations to the customer concerning municipal bond investments and made misrepresentations […]

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Customer Sticks Merrill Lynch For Steck Misrepresentations

July 31, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Robert Thomas Steck of Great Neck New York a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related arbitration claim where the customer requested unspecified damages supported by accusations that between 2012 and 2017, misrepresentations had been made to the customer concerning over-the-counter equities and […]

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Customer Sues Merrill Lynch For Misrepresentation

July 31, 2018  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News   |   0 Comments

Dario Alberto Ochoa (also known as Dario Ochoa Garcia) of Guaynabo Puerto Rico a stockbroker currently registered with Merrill Lynch is the subject of a customer initiated investment related arbitration claim in which the customer accused Ochoa to have made misrepresentations to the customer as well as unsuitable investment recommendations in reference to foreign-debt and […]

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Merrill Lynch Accused Master Limited Partnership Fraud

July 16, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

James Allen Atwood of Boston Massachusetts a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on September 27, 2016 in which the customer sought unspecified damages supported by accusations that master limited partnership investments were not appropriate for the customer’s charitable remainder […]

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Merrill Lynch Stockbroker Barred In Investigation

July 16, 2018  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Zachary Thomas Rawson of Indianapolis Indiana a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that he declined to cooperate with FINRA’s request for details about his business activities. Case No. 2017055785201 (May 3, […]

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Merrill Lynch Broker Barred In Theft Investigation

Shakela Yashica Carter of Fort Lauderdale Florida a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to an Office of Hearing Officers Default Decision containing findings that Carter obstructed a FINRA investigation into accusations that she […]

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Merrill Lynch Sued By Customer For Misrepresentation

June 25, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Scott David Curtis of Great Neck New York a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $100,000.00 in damages based upon accusations that (1) misrepresentations and omissions had been made to the customer and (2) unsuitable mutual […]

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Merrill Lynch Accused Of Sale of Unsuitable Investments

June 21, 2018  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

John Cornelius Troutman Jr. of Beaufort South Carolina a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on February 26, 2018 where the customer alleged unsuitable investment recommendations to have been made to the customer between September 1, 2014 and February 26, 2018. […]

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Merrill Lynch Sued For Stockbroker Theft

June 21, 2018  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Archibald Adam Walker of Great Neck New York a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related civil action in which the customer requested compensatory damages founded on accusations that Walker converted a customer’s funds in the course of effecting a real estate transaction. […]

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Merrill Lynch Accused Of Mutual Fund Fraud

June 12, 2018  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Terance Treadwell Power of Beverly Hills California a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint which settled for $65,413.00 on April 26, 2018 supported by accusations that in September 2017, misrepresentations had been made to the customer concerning investments and mutual […]

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Merrill Lynch Broker Barred By FINRA In Investigation

June 12, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

James Benjamin Farris of San Francisco California a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities supported by accusations that he neglected to respond to FINRA’s request for his information. Case No. 2017053325801 (May 7, 2018). FINRA […]

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FINRA Arbitration Lawyers Sue Merrill Lynch For Annuity Scam

June 12, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Tahesin Hussein Somji of Fort Worth Texas a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on February 23, 2018 where the customer requested unspecified damages supported by allegations including unsuitable investment recommendations and misrepresentation between 2008 and 2018 in regard to […]

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Merrill Lynch Broker Discharged For Unauthorized Activities

May 31, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Daniel Evan Kaplan of New York New York a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been discharged on March 8, 2018 based upon accusations that Kaplan gained unauthorized access to customer investment accounts. This is not the first time that Kaplan has been terminated from a brokerage firm due to […]

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Customer Sues Merrill Lynch For Misrepresentation

Andrew John Constantinides of Boca Raton Florida a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages based upon accusations that unsuitable investment recommendations and misrepresentations had been made to the customer pertaining to the customer’s direct […]

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Customer Accuses Merrill Lynch Of Misrepresentation

May 31, 2018  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News   |   0 Comments

Ashish D. Mathur of New York New York a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is referenced in a customer initiated investment related written complaint on February 1, 2018 where the customer alleged that (1) misrepresentations and omissions had been made to the customer concerning foreign-debt investments and (2) unsuitable investment […]

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FINRA Suspends Merrill Lynch Broker For Failure To Respond

Shawn I. Houslin of Jacksonville Florida a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by allegations that he ignored requests from FINRA for information concerning his business activities. Case No. 2017056538101 (Feb. 23, 2018). FINRA […]

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FINRA Fines Merrill Lynch Stockbroker For Selling Away

May 29, 2018  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Joshua David Stamm of Lynchburg Virginia a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from the firm. Letter of Acceptance Waiver […]

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Customer Sues Merrill Lynch For Excessive Trading

May 29, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News   |   0 Comments

Charles Ernest Kenahan of Boston Massachusetts a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Incorporated is the subject of a customer initiated investment related arbitration claim in which the customer sought $700,000.00 in damages based upon accusations that stock trades were effected in the customer’s account on an excessive basis and unsuitable equity […]

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Customer Accuses Merrill Lynch Of Failure To Execute

May 29, 2018  |   Posted by :   |   Failure to Execute, Stockbroker Fraud News   |   0 Comments

Robert John Kostigen of Burlington Massachusetts a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on March 8, 2018 where the customer requested more than $5,000.00 in damages based upon allegations that the customer’s mutual fund investment instructions failed to be followed […]

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FINRA Bars Merrill Lynch Stockbroker In Investigation

May 17, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Robert Barry Jones of Saint Augustine Florida a stockbroker formerly employed by Merrill Lynch has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he neglected to respond to FINRA after information had been requested of him. Case No. 2016051269601 (Oct. 16, 2017). FINRA Public […]

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Customer Accuses Merrill Lynch Of Unsuitable Recommendations

May 01, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News, Suitability   |   0 Comments

Glenn Smith Feldman of Hartford Connecticut a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on October 28, 2016 where the customer alleged that unsuitable investment recommendations had been made concerning variable annuity products. Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally […]

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Merrill Lynch Accused Of Annuity Fraud

May 01, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Jennifer S. Yoon of Glendale California a stockbroker currently registered with Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related complaint which was resolved for $75,000.00 in damages supported by accusations that misrepresentations had been made to the customer concerning a variable annuity guaranteed income rider. FINRA Public Disclosure […]

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Merrill Lynch Stockbroker Terminated For Selling Away

April 27, 2018  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Melvin Saul Jacobs of Houston Texas a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Inc. has been terminated on December 14, 2017 based upon allegations that he sold away from his firm in violation of Merrill Lynch’s policy. Financial Industry Regulatory Authority (FINRA) Public Disclosure also reveals that on February 11, 2009, a […]

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FINRA Fines Merrill Lynch Broker For Unauthorized Trading

April 18, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Jonathan R. Belden of Oakland California is a stockbroker formerly registered with Merrill Lynch Pierce Fenner and Smith Inc. who has been fined $10,000.00 and suspended for sixty days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he mismarked customer order tickets and exercised […]

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Merrill Lynch Fires Stockbroker For Cause

April 08, 2018  |   Posted by :   |   Stockbroker Fraud News, Uncategorized   |   0 Comments

Woong Seong Hwang of New York New York is a stockbroker formerly registered with Merrill Lynch who has been fired on July 11, 2017 based upon allegations that Hwang failed to furnish information about a customer that was accurate during the period in which the customer’s account had been established with Merrill Lynch. Financial Industry […]

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Merrill Lynch Fires Stockbroker For Unauthorized Trading

April 06, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

German Ricardo Mora of San Antonio Texas is a stockbroker formerly registered with Merrill Lynch who has been fired on November 11, 2016 based upon allegations that he executed transactions in customers’ accounts on a discretionary basis and marked order tickets as having been unsolicited when they were actually solicited. On November 29, 2016, Mora […]

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Merrill Lynch Sued By Customer For Equities Suitability

March 16, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

John Kirkland Moy of West Palm Beach Florida is a stockbroker formerly registered with Merrill Lynch who is referenced in a customer initiated investment related arbitration claim which settled for $65,000.00 in damages based upon allegations that unsuitable investment recommendations had been made to the customer in 2015 concerning over-the-counter equities transactions. Financial Industry Regulatory […]

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Merrill Lynch Fires Stockbroker For Alleged Theft

March 07, 2018  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Christopher Lee Hibbard of Louisville Kentucky is a stockbroker formerly registered with Merrill Lynch Pierce Fenner and Smith Incorporated who has been fired on January 8 2018 supported by accusations that Hibbard engaged in conduct pertaining to the theft of funds and executed unauthorized transactions regarding money market and variable annuities. Financial Industry Regulatory Authority […]

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Independent Financial Group Accused Of Suitability

February 20, 2018  |   Posted by :   |   Inverse Leveraged ETF Funds, Stockbroker Fraud News   |   0 Comments

Lyle J. Boudreaux of Houston Texas is a stockbroker currently registered with Independent Financial Group LLC who is subject of a customer initiated investment related written complaint on October 27 2017 in which the customer sought two hundred ten thousand dollars in damages founded on accusations that unsuitable leveraged exchange traded fund transactions were effected […]

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FINRA Fines Morgan Stanley Stockbroker For Suitability

Vincent Sciabica of Albany New York is a stockbroker formerly registered with Morgan Stanley who has been fined five thousand dollars and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unit investment trust transactions in customer accounts in […]

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Merrill Lynch Broker Charged With Failure To Testify

February 20, 2018  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Shakela Carter of Fort Lauderdale Florida is a stockbroker formerly registered with Merrill Lynch who has been charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that she failed to testify in an investigation into accusations of her selling away from the firm. Department of Enforcement v. Shakela Carter Disciplinary Proceeding No. 20160492021-01 […]

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Merrill Lynch Accused Of Unauthorized Transactions

February 20, 2018  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Shaun Eugene Hayes of Fort Worth Texas is a stockbroker formerly registered with Merrill Lynch who is the subject of a customer initiated investment related complaint which settled on December 19 2017 for one hundred twenty-five thousand dollars in damages based upon allegations that stock trades had been effected in the customer’s account without the […]

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Merrill Lynch Accused Of Excessive Trading

January 26, 2018  |   Posted by :   |   Stockbroker Fraud News, Unit Investment Trusts   |   0 Comments

Ian Andrew Sharpe of Houston, Texas, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint on September 26, 2016, in which the customer sought $150,000.00 in damages founded on allegations that unit investment trust trades were placed in the customer’s account […]

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Morgan Stanley Broker Barred For Impeding Investigation

January 26, 2018  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Guillermo William Valladolid, of La Jolla, California, a stockbroker formerly employed with Morgan Stanley, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to comply with FINRA in an investigation into allegations of Valladolid selling away from Morgan Stanley. Letter of […]

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Merrill Lynch Stockbroker Fired For Selling Away

January 10, 2018  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

James Anthony Merkel of Frederick, Maryland, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fired on August 21, 2017, based upon allegations that he sold away from his firm and that his private securities transactions were violative of the firm’s policies. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that […]

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Merrill Lynch Broker Fined For Discretionary Trading

January 10, 2018  |   Posted by :   |   Churning, Excessive trading, Stockbroker Fraud News, Suitability   |   0 Comments

Todd Kimm of Syracuse, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in customer accounts without authority, and placed […]

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Customer Accuses Oppenheimer Of Churning

January 10, 2018  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Derrick Timothy Watts of Saint Charles, Illinois, a stockbroker currently registered with Oppenheimer & Co., is the subject of a customer initiated investment related written complaint, in which the customer requested over $5,000.00 in damages founded on accusations that Watts churned the customer’s equity portfolio between January of 2010 and November of 2015. Financial Industry Regulatory […]

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Customer Accuses Merrill Lynch Of Omissions

January 09, 2018  |   Posted by :   |   Stockbroker Fraud News, Structured Notes   |   0 Comments

Ronald Lee Johnston of Daytona Beach, Florida, a stockbroker currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint, which settled on November 7, 2017 for $230,000.00 in damages based upon accusations of omissions and misrepresentations between August of 2016 and June of 2017 […]

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Customer Accuses Merrill Lynch Of Misrepresentation

January 09, 2018  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Patrick Richard McNamara of Florham Park, New Jersey, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint that settled on November 20, 2017 for $16,063.98 in damages supported by accusations that between September of 2011 and July of 2017, McNamara made […]

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Customer Accuses UBS Of Omitting Surrender Penalties

January 09, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Bruce Edward Orenstein of Weehawken, New Jersey, a stockbroker currently associated with UBS Financial Services, Inc., is the subject of a customer initiated investment related written complaint on October 18, 2017, where the customer requested more than $5,000.00 in damages supported by accusations that the customer was sold variable annuity products without having been informed […]

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Merrill Lynch Accused Of Unauthorized Transactions

January 09, 2018  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

James Barton Lowther of Sarasota, Florida, a stockbroker currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related arbitration claim, in which the customer sought $300,000.00 in damages based upon accusations of misrepresentations and omissions, unsuitable investment recommendations, and unauthorized master limited partnership transactions between November […]

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Merrill Lynch Accused By Customer Of Misrepresentation

January 09, 2018  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Timothy Revell Roberson of Brentwood, Tennessee, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint, which settled for $30,543.31 in damages supported by accusations that Roberson made misrepresentations and omissions to the customer between September of 2015 and May of 2017 in […]

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Merrill Lynch Broker Barred For Impeding Investigation

January 09, 2018  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

John M. James of Golden Valley, Minnesota, a stockbroker associated with Merrill Lynch, Pierce, Fenner & Smith, Incorporated, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA in an investigation into allegations of his borrowing of customer […]

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Raymond James Named In Customer Complaint

November 21, 2017  |   Posted by :   |   Non-traded REITs, Unauthorized Trading   |   0 Comments

Todd Douglas Ryman, of Atlanta, Georgia, a stockbroker formerly registered with Raymond James & Associates, is the subject of a customer initiated investment related written complaint on August 16, 2017, where the customer requested $300,000.00 in damages founded on allegations that between September 6, 2016 and February 13, 2017, Ryman effected unauthorized transactions in a […]

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Merrill Lynch Sued By Customer For Excessive Trading

November 07, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Thomas Joseph Buck, of Indianapolis, Indiana, a former Merrill Lynch, Pierce, Fenner & Smith Incorporated stockbroker who has been barred by Financial Industry Regulatory Authority (FINRA) in all capacities, is the subject of five customer initiated investment related written complaints that have been settled on November 23, 2016, for a total of $465,000.00 in damages, […]

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Merrill Lynch Sued By Customer For Misrepresentation

November 07, 2017  |   Posted by :   |   FINRA Securities Arbitration   |   0 Comments

Phil Scott (also known as Walter Philip Schlaepfer), of Bellevue, Washington, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim, which settled for $125,000.00 in damages supported by allegations of misrepresentation and unsuitable investment recommendations having been made in regard to […]

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Westminster Financial Sued For Botched Investments

November 01, 2017  |   Posted by :   |   Boilerroom, Churning, Unauthorized Trading   |   0 Comments

Louis Anthony Telerico of Dayton, Ohio, a stockbroker formerly registered with Westminster Financial Securities, Inc. has been named in a customer initiated investment related arbitration claim, in which the customer requested $426,000.00 in damages based upon allegations that Telerico executed art and land based transactions that led the customer to sustain losses. FINRA Arbitration No. 17-00988 […]

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FINRA Fines Merrill Lynch Broker For Misrepresentation

November 01, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Landon Lavon Williams, of Jacksonville, Florida, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a FINRA Office of Hearing Officers Order Accepting Offer of Settlement containing findings […]

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FINRA Fines Ameriprise Broker For Unsuitable Recommendations

November 01, 2017  |   Posted by :   |   Suitability   |   0 Comments

Stuart L. Pearl, of Deerfield, Illinois, a stockbroker formerly employed with Ameriprise Financial Services, Inc., is the subject of a $7,500.00 fine, and has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he exercised discretion in customer accounts and made unsuitable margin-based investment recommendations […]

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Moloney Broker Barred For Misappropriation

October 05, 2017  |   Posted by :   |   Misappropriation of Funds, Selling Away   |   0 Comments

Dale Earl Krueger, of Midland, Michigan, a stockbroker formerly registered with Moloney Securities, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he inappropriately utilized customers’ investment funds, and failed to cooperate with FINRA during an investigation into allegations of Krueger’s unauthorized […]

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UBS Financial Services Sued For Broker Bad Conduct

October 05, 2017  |   Posted by :   |   Annuity Schemes, Mutual Fund Fraud   |   0 Comments

David James Boor, of Farmington Hills, Michigan, a stockbroker currently registered with UBS Financial Services Inc., is the subject of a customer initiated investment related arbitration claim on May 30, 2017, in which the customer sought $139,000.00 in damages supported by allegations that between December 1, 2015, and May 30, 2017, Boor effected mutual funds […]

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Merrill Lynch Stockbroker Sanctioned For Suitability

October 05, 2017  |   Posted by :   |   Suitability   |   0 Comments

Mehran Tazhibi, of Berkeley, California, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon consenting to findings that he made unsuitable recommendations to customers regarding municipal bonds. Letter […]

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Stifel Nicolaus Sued For Securities Fraud

September 22, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Andrew Bruce Elsoffer, of Pepper Pike, Ohio, a stockbroker currently registered with Stifel, Nicolaus & Company, Inc., is the subject of a customer initiated investment related arbitration claim, which settled on October 27, 2016, for $165,000.00 in damages supported by allegations of negligence, breach of contract, elder abuse, elder exploitation, breach of fiduciary duty, suitability, […]

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Regulator Bars UBS Broker For Unauthorized Transactions

September 22, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Lorenzo C. Esteva of Miami , Florida, a stockbroker formerly registered with UBS Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide FINRA with information and documentation in the course of FINRA’s investigation into allegations of […]

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Merrill Lynch Broker Suspended For Unauthorized Trading

September 15, 2017  |   Posted by :   |   Unauthorized Trading   |   0 Comments

Joseph Yanofsky, of Greenwood Village, Colorado, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected unauthorized trades in customer accounts. Letter of Acceptance, Waiver and […]

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Windsor Street Terminates Broker For Business Activities

September 14, 2017  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Shoug Mayson, of New York, New York, a stockbroker formerly registered with Windsor Street Capital, LP, was terminated on June 22, 2017, based upon allegations that he engaged in business activities with another broker-dealer during the time that he was registered with Windsor Street Capital, and furnished inaccurate customer account information to his firm. This […]

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Customer Accused Merrill Lynch Stockbroker of Misconduct

August 31, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Joshua J. Pratta, of Towson, Maryland, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint on October 24, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Pratta made misrepresentations and omissions, recommended unsuitable investments, and effected […]

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Merrill Lynch Stockbroker Goetz Suspended

August 31, 2017  |   Posted by :   |   Outside Business Activities   |   0 Comments

Stephen Brown and James Peter Goetz Jr., of Pittsford, New York, stockbrokers formerly associated with Merrill Lynch, Pierce, Fenner & Smith, were suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity according to a FINRA Office of Hearing Officers Extended Hearing Panel Decision containing findings that: Brown engaged in undisclosed […]

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UBS Fires Stockbroker For Falsifying Customer Documents

August 26, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Lorenzo C. Esteva, of Miami, Florida, a stockbroker registered with UBS Financial Services, Inc., was terminated from employment on June 6, 2017, based upon allegations that he confessed to furnishing bogus account information to customers in the course of the firm’s investigation into his business activities. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that […]

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Regulator Charges Windsor Street For Excessive Trading

August 26, 2017  |   Posted by :   |   Boilerroom, Churning   |   0 Comments

Windsor Street Capital (formerly Meyers Associates, L.P.), a brokerage firm headquartered in New York, New York, as well as its stockbrokers, Nas Adel Allan and Gregory J. Anastos, were charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint alleging, inter alia, that customers’ investment accounts were traded on an excessive and […]

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Merrill Lynch Stockbroker Barred By Regulator

August 26, 2017  |   Posted by :   |   Forgery, Stockbroker Fraud News   |   0 Comments

William H. Merriam, IV, of Jacksonville, Florida, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in an investigation into his alleged forgery. Letter […]

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Merrill Lynch Broker Registration Denied By Regulator

August 26, 2017  |   Posted by :   |   Customer Loans   |   0 Comments

Josette Lee Greechan, of White Plains, New York, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith, Incorporated, has been sanctioned according to a Stipulation and Order for Withdrawal issued by the State of Michigan Department of Licensing and Regulatory Affairs, Corporations, Securities & Commercial Licensing Bureau, based upon allegations that Greechan entered into […]

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Merrill Lynch Fires Stockbroker For Unauthorized Loans

August 17, 2017  |   Posted by :   |   Customer Loans   |   0 Comments

Fred Ronald Brown, of Montgomery, Alabama, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith Inc., was fired on July 12, 2017, based upon allegations that Fred Ron  entered into a loan arrangement with a customer despite failing to first gain authorization from the firm. Financial Industry Regulatory Authority (FINRA) Public Disclosure Reveals that […]

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Raymond James Broker Suspended For Suitability

August 17, 2017  |   Posted by :   |   Stock manipulation, Stockbroker Fraud News   |   0 Comments

Daniel E. Peltier, of Edina, Minnesota, a stockbroker formerly registered with Raymond James & Associates, Inc., has been fined $40,000.00 and suspended for ten months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in the manipulation of a stock, failed to conduct […]

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LPL Financial Fires Stockbroker For UIT Misconduct

August 15, 2017  |   Posted by :   |   Unit Investment Trusts   |   0 Comments

Daniel Ian Stieff, of Westlake Village, California, a stockbroker registered with LPL Financial LLC, has been terminated from employment on November 5, 2015, based upon allegations that he traded mutual funds and short-term unit investment trust products in customer accounts in a manner which raised the company’s concerns for sales practice violations, and violated the […]

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Golden Wealth Stockbroker Barred By Regulator

August 15, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Shaun Paul Golden, of New York, a director of Golden Wealth Management, Inc., has been permanently barred in all securities registration capacities and subject of cease and desist sanctions imposed by Florida’s Office of Financial Regulation pursuant to an Order containing findings that Golden applied for securities registration in the State of Florida by making […]

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Kestra Investment Services Sued For Suitability

August 02, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Chuck J. Hilliard II, of Austin, Texas, a stockbroker formerly registered with Kestra Investment Services, LLC, is the subject of a customer initiated investment related written complaint on December 7, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that Hilliard effected unsuitable transactions in the customer’s account. Financial Industry […]

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Merrill Lynch Secretly Terminates Stockbroker

August 02, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Sandy Michael Galuppo, of New York, New York, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was terminated from employment on October 3, 2016, based upon allegations that he furnished expense information to his firm in a manner that “violated the company’s policies.” Moreover, on April 11, 2017, Financial Industry Regulatory Authority […]

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Customer Sues Morgan Stanley For Unauthorized Trading

August 02, 2017  |   Posted by :   |   FINRA Securities Arbitration, Unauthorized Trading   |   0 Comments

Alex Muscati III, of Palm Harbor, Florida, a stockbroker currently registered with Morgan Stanley, is the subject of a customer initiated investment related arbitration claim on May 4, 2017, in which the customer requested $123,000.00 in damages based upon allegations that Muscati effected unauthorized structured product transactions in the customer’s account. Financial Industry Regulatory Authority […]

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PrimeSolutions Broker Barred For Unauthorized Trading

August 02, 2017  |   Posted by :   |   Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Jerry Allen Cicolani Jr., of Cleveland, Ohio, a stockbroker formerly registered with PrimeSolutions Securities, Inc., is the subject of a Securities and Exchange Commission (SEC) Order Instituting Administrative Proceedings pursuant to Securities Exchange Act of 1934 Section 15(b) as well as Section 203(f) of the Investment Advisers Act of 1940 containing findings that Cicolani illegally […]

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Capital Guardian Stockbroker Suspended For Unauthorized Trading

July 29, 2017  |   Posted by :   |   Unauthorized Trading   |   0 Comments

Donald Lee Bergeron, of Charlotte, North Carolina, a stockbroker formerly registered with Capital Guardian, LLC, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he placed unauthorized trades in a customer’s account. Letter of Acceptance, Waiver and Consent, No. […]

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Arbitration Claim Aginst Wells Fargo Clearing Services

July 29, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Gregory Thormann Pease, of New York, New York, a stockbroker formerly registered with Wells Fargo Clearing Services, LLC, is the subject of a customer initiated investment related civil action on November 14, 2016, in which the customer requested more than $5,000.00 in damages based upon allegations that he failed to provide the customer with an […]

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Raymond James Fires Real McCoy

July 29, 2017  |   Posted by :   |   Outside Business Activities   |   0 Comments

Donald Newton McCoy, of Saint Louis, Missouri, a stockbroker registered with Raymond James & Associates, Inc., has been fired from the company on August 12, 2016, based upon allegations that he engaged in outside business activities. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that McCoy was also terminated from a prior employer, Merrill Lynch, […]

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Ameriprise Financial Fires Broker For Unauthorized Borrowing

July 29, 2017  |   Posted by :   |   Customer Loans   |   0 Comments

Lorene Fairbanks, of Canfield, Ohio, a stockbroker registered with Ameriprise Financial, has been terminated from employment on May 18, 2017, based upon allegations that Fairbanks borrowed funds from a customer and corresponded with customers in violation of the firm’s policies. This is not the first time that Fairbanks has been terminated from employment based upon […]

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Santander Securities Sued For Misrepresentation

July 29, 2017  |   Posted by :   |   Exchange Traded Funds, Stockbroker Fraud News   |   0 Comments

Willie L. Vales, of Conshohocken, Pennsylvania, a stockbroker formerly registered with Santander Securities LLC, is the subject of a customer initiated investment related arbitration claim on February 27, 2017, based upon allegations including violation of securities laws, breach of contract, breach of fiduciary duty, over-concentration, and misrepresentation pertaining to exchange traded funds effected in the […]

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Merrill Lynch Stockbroker Barred In Investigation

July 29, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Dale Christian Russell Sr., of Portland, Oregon, 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 based upon consenting to findings that he failed to cooperate with an investigation into his alleged prohibited activities relating to […]

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Merrill Lynch Customer Files Suitability Claim

July 28, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Christopher David Sadaka, of Paramus, New Jersey, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related written complaint on May 1, 2017, based upon allegations that between May of 2015 to April of 2017, Sadaka made unsuitable investment recommendations to the customer concerning […]

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Credit Suisse Securities Sued For Suitability

July 28, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Nicole Marie Andres, of New York, New York, a stockbroker formerly registered with Credit Suisse Securities (USA) LLC, is the subject of a customer initiated investment related written complaint on January 30, 2017, in which the customer requested $44,355.00 in damages based upon allegations that Andres made unsuitable investment recommendations to the customer concerning exchange […]

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Customer Sues Merrill Lynch For Misrepresentation

July 28, 2017  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

Gregory Richard Sherf, of Leawood, Kansas, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Inc., is the subject of a customer initiated investment related written complaint on April 28, 2017, in which the customer requested $15,504.80 in damages based upon allegations that Sherf, between February of 2014 and April of 2017, made […]

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Customer Sues Merrill Lynch For Suitability

July 28, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Bryce Scott Wilinski, of Melville, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is the subject of a customer initiated investment related arbitration claim, wherein the customer was awarded $352,815.00 in damages on June 16, 2016, based upon allegations that Wilinski made misrepresentations and omissions to the customer, failed […]

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RBC Capital Markets Customer Complaints

July 05, 2017  |   Posted by :   |   Churning, Stockbroker Fraud News   |   0 Comments

Daniel Edward Peltier, of Edina, Minnesota, a stockbroker formerly registered with RBC Capital Markets, LLC, has been named in a customer initiated investment related written complaint, which settled on May 12, 2016, in which the customer received $45,033.63 in damages based upon allegations that he engaged in sales practice violations with respect to an over-the-counter […]

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Merrill Lynch Stockbroker Sanctioned For Fraud

July 05, 2017  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Jesse Joseph Holovacko, of South Amboy, New Jersey, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been sanctioned by the State of New Jersey Bureau of Securities via a $75,000.00 fine accompanied by the revocation of his securities registration pursuant to a Summary Revocation and Penalty Order containing findings that […]

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Merrill Lynch Named In Customer Arbitration

July 03, 2017  |   Posted by :   |   Mutual Fund Fraud   |   0 Comments

James Jordan Plasterer Jr, of Tuscaloosa, Alabama, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim on March 29, 2017, in which the customer requested $2,500,000.00 in damages based upon allegations that he did not properly handle the customer’s portfolio of […]

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Merrill Lynch Stockbroker Sanctioned For Prohibited Trading

July 03, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Judy Buchanan Healy, of Melbourne, Florida, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $25,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that she triggered unauthorized initial public offering transactions. Letter of Acceptance, Waiver and […]

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Merrill Lynch Broker Barred by State and Federal Regulators

July 01, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Kai Chong Cheng of Tenafly, New Jersey, recently signed a consent order with the State of New Jersey agreeing to a five-year suspension from registration in New Jersey. In a related enforcement action, he has been permanently barred from the securities industry by FINRA. Cheng worked at a Merrill Lynch branch office in New York […]

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Merrill Lynch Stockbroker Barred In Investigation

June 19, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Blake P. King, of Atlanta, Georgia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that King obstructed a FINRA investigation into allegations that he effected unauthorized trades in […]

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Merrill Lynch Customer Alleges Unsuitable Investments

June 13, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Roger Wilson Rodas, of Glendale, California, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint on January 21, 2016, based upon allegations that Rodas made unsuitable investment recommendations to the customer concerning real estate securities and investments offered via a foreign […]

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LPL Financial Stockbroker Going to Prison

Robert Neil Tricarico, of Westport, Connecticut, a stockbroker formerly registered with LPL Financial, LLC, has been permanently barred by the Securities and Exchange Commission (SEC) from working as an investment adviser or stockbroker, or associating with any investment adviser or brokerage firm according to an Order Instituting Administrative Proceedings pursuant to Securities Exchange Act of […]

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Merrill Lynch Stockbroker Fired For Customer Loans

May 30, 2017  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

John Andrew Bodnar, of Burlington, Vermont, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith Inc., was terminated from employment on January 9, 2017, based upon allegations that he solicited an unauthorized loan arrangement with one of the firm’s customers. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Bodnar has been named in […]

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Customer Brings Arbitratoin Against Merrill Lynch For Bad Recommendations

Robert Evan Yahney, of Tampa, Florida, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim on May 1, 2017, in which the customer requested $1,000,000.00 in damages based upon allegations that Yahney made misrepresentations and unsuitable investment recommendations to the customer […]

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Customer Sues Merrill Lynch Alleging Unauthorized Trading

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Daniel P. Reilly, of New York, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint, which settled on January 25, 2017, for $16,727.00 in damages based upon allegations that he effected unauthorized mutual fund trades in the customer’s account. […]

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Customer Sues Merrill Lynch For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

William Bartly Wolf, of Newark, New Jersey, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint on September 2, 2015, based upon allegations that Wolf effected mutual fund trades in the customer’s investment account without the customer’s consent. Financial Industry Regulatory […]

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Merrill Lynch Stockbroker Charged With Selling Away

May 18, 2017  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Stephen Brown, of Pittsford, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., was charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement in a Complaint based upon allegations that he, inter alia, engaged in private securities transactions and outside business activities without disclosing them to his firm. Department […]

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Merrill Lynch Stockbroker Suspended By Regulator

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Jeffrey Timothy Kluge, of Saint Paul, Minnesota, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide FINRA staff with information concerning his activities. Letter No. 2016052377201 (Apr. 10, […]

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Merrill Lynch Stockbroker Fired For Unauthorized Representations

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jeffrey Thomas Rathmanner, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been terminated from employment on April 5, 2017, based upon allegations that Rathmanner made representations to others on behalf of Merrill Lynch which the firm had not authorized. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that on March 16, […]

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Customer Sues Merrill Lynch For Lying

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Steven Kent Quinly, of Walnut Creek, California, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim on February 21, 2017, in which the customer requested $116,000.00 in damages based upon allegations that Quinly made unsuitable investment recommendations to the customer as […]

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deVere USA Stockbroker Fired For Unauthorized Trading

May 18, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Andoni Yturralde, of New York, New York, a stockbroker registered with deVere USA Inc., has been terminated from employment on January 27, 2017, based upon allegations that Yturralde failed to cooperate with the procedures and policies of the firm, failed to effect trades in accordance with a customer’s instructions, and effected unauthorized equity transactions in […]

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Merrill Lynch Named In Customer Complaint Alleging Unsuitability

May 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

David Steven Rasdolsky, of Reston, Virginia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Inc., has been named in a customer initiated investment related written complaint on July 29, 2015, based upon allegations that he made unsuitable investment recommendations to the customer concerning mutual funds, and omitted facts concerning the fees pertaining […]

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Merrill Lynch Stockbroker Suspended For Misrepresentation

April 10, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Jarred M. Lawson, of Jacksonville, Florida, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he made misrepresentations and omissions to customers, and furnished misleading account documentation […]

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Merrill Lynch Sued For Unauthorized Trading

April 10, 2017  |   Posted by :   |   Mutual Fund Fraud, Stockbroker Fraud News   |   0 Comments

Mark David Yadron, of Prescott, Arizona, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related written complaint on February 3, 2017, in which the customer requested $5,095.35 in damages based upon allegations that Yadron effected unauthorized closed-end fund trades in the customer’s investment […]

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Wells Fargo Advisors Sued by Customers For Misrepresentation

March 30, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Nelson Michael Polun, of Bel Air, Maryland, a stockbroker currently registered with Wells Fargo Clearing Services, LLC, has been named in a customer initiated investment related written complaint, which settled for $4,546.96 in damages on March 13, 2017, based upon allegations that Polun made misrepresentations to the customer concerning preferred stock investments, and omitted that […]

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Morgan Stanley Sued by Customer For Misrepresentation

Kevin C. Yang, of Pasadena, California, a stockbroker currently registered with Morgan Stanley Inc., has been named in a customer initiated investment related arbitration claim, which settled on December 18, 2016, for $57,500.00 in damages based upon allegations that Yang made misrepresentations to the customer and effected unsuitable structured transactions in the customer’s account. Financial […]

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Independent Financial Group Named In Customer Arbitration

Lyle J Boudreaux, of Houston, Texas, a stockbroker currently registered with Independent Financial Group, LLC, has been named in a customer initiated investment related written complaint on January 27, 2017, in which the customer requested $120,000.00 in damages based upon allegations that Boudreaux was liable for losses sustained by the customer in reference to exchange […]

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Merrill Lynch Sued in Puerto Rican Bond Case

March 21, 2017  |   Posted by :   |   Bond Fraud, Stockbroker Fraud News   |   0 Comments

Mark Eben Lilley, of Guaynabo, Puerto Rico, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim on May 11, 2016, in which the customer requested $100,000.00 in damages based upon allegations that Lilley, from 2012 to 2016, omitted and misrepresented facts […]

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Raymond James Sued by Customer For Misconduct

Todd Douglas Ryman, of Atlanta, Georgia, a stockbroker formerly registered with Raymond James & Associates, Inc., has been named in a customer initiated investment related written complaint on February 15, 2017, in which the customer requested $300,000.00 in damages based upon allegations that Ryman committed securities related misconduct in reference to the customer’s transactions regarding […]

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UBS Financial Services Stockbroker Terminated For Misconduct

March 21, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Phil Fiore Jr., of Stamford, Connecticut, a stockbroker registered with UBS Financial Services Inc., has been terminated from employment on November 30, 2016, based upon allegations that he failed to abide by his firm’s procedures, including: the operation of a golf tournament without approval; communications with the public without the firm’s authorization; and Fiore’s lack […]

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Stifel Nicolaus Stockbroker Sanctioned For Unauthorized Trading

March 16, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Robert W. Berry, of Fairlawn, Ohio, a stockbroker currently registered with Stifel, Nicolaus & Company, Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that effected unauthorized trades in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015046243901 (Mar. 7, […]

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WFG Investments Sued In Arbitration For Misrepresentation

Damian Marlon Bell, of Daphne, Alabama, a stockbroker currently registered with WFG Investments, Inc., has been named in a customer initiated investment related arbitration claim on January 19, 2017, in which the customer requested $1,000,000.00 in damages based upon allegations that Bell made misrepresentations and omissions to customers concerning private placements, and failed to adequately […]

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Oppenheimer Sued By Customer For Churning

Matthew Hugh Hurley, of San Diego, California, a stockbroker formerly registered with Oppenheimer & Co. Inc., has been named in a customer initiated investment related arbitration claim, which settled on November 10, 2016, for $15,000.00 in damages based upon allegations that Hurley failed to execute upon the customer’s stop loss order, and charged the customer […]

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Merrill Lynch Stockbroker Sanctioned For Selling Away

March 08, 2017  |   Posted by :   |   Promissory Notes, Selling Away, Stockbroker Fraud News   |   0 Comments

Joshua David Stamm, of Lynchburg, Virginia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been fined $10,000.00, prohibited from working in a supervisory capacity, and placed on heightened supervision based upon a Virginia State Corporation Commission Division of Securities Order containing allegations that Stamm engaged in outside business activities without […]

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Merrill Lynch Sued For Misrepresentation

March 08, 2017  |   Posted by :   |   FINRA Securities Arbitration, Stockbroker Fraud News   |   0 Comments

Brandon M. Adkins, of Eau Claire, Wisconsin, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, has been named in a customer initiated investment related written complaint, which settled on September 2, 2014, for $22,966.32 in damages based upon allegations that Adkins made misrepresentations and unsuitable investment recommendations to the customer regarding exchange […]

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UBS Financial Services Sued for Unauthorized Trading

David Howard Fagenson, of Palm Beach, Florida, a stockbroker formerly registered with UBS Financial Services Inc., has been named in a customer initiated investment related written complaint on September 26, 2016, based upon allegations that from 2013 to 2016, Fagenson effected unauthorized trades in the customer’s account and failed to abide by the customer’s instructions […]

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Morgan Stanley Sued by Customer for Fraud

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

Bruce Benjamin Greenwald, of Pepper Pike, Ohio, a stockbroker formerly registered with Morgan Stanley, has been named in a customer initiated investment related arbitration claim on January 3, 2017, in which the customer requested $800,000.00 in damages based upon allegations that Greenwald failed to abide by the customer’s investment based instructions, and made misrepresentations to […]

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Westminster Financial Services Named Stockbroker Theft Complaint

February 27, 2017  |   Posted by :   |   Stockbroker Fraud News, Stockbroker Theft   |   0 Comments

Richard Grant Cody, of Spring Lake, New Jersey, a stockbroker formerly registered with Westminster Financial Securities, Inc., has been named in a customer initiated investment related written complaint on January 18, 2017, based upon allegations that Cody misappropriated funds belonging to the customer in connection with over-the-counter equity transactions. Financial Industry Regulatory Authority (FINRA) Public […]

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Wells Fargo Advisors Sued for Failure To Disclose Commissions

Chadwick C. Collins, of Carlsbad, California, a stockbroker formerly registered with Wells Fargo Advisors, LLC, has been named in a customer initiated investment related arbitration claim, which settled on April 18, 2016, for $86,559.31 in damages based upon allegations that Collins, from December of 2015 to March of 2016, failed to disclose commissions charged to […]

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Westminster Financial Services Sued by Customer for Theft

Jill M. Cody, of Spring Lake, New Jersey, a stockbroker formerly registered with Westminster Financial Securities, Inc., has been named in a customer initiated investment related written complaint on January 18, 2017, based upon allegations that Cody misappropriated the customer’s funds. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Cody has been identified in […]

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Merrill Lynch Broker Sued For Misrepresentation

Robert Michael Giusti, of New York, New York, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Inc., has been named in a customer initiated investment related arbitration claim on April 24, 2015, in which a customer was ultimately awarded $300,000.00 in damages based upon allegations that from 2010 to 2015, Giusti made […]

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Merrill Lynch Stockbroker Terminated For Selling Away

February 01, 2017  |   Posted by :   |   Selling Away, Stockbroker Fraud News   |   0 Comments

Patrick J. Sands, of Quincy, Massachusetts, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was terminated from employment on November 19, 2015, based upon allegations that he sold securities outside the auspices of his firm, which was a violation of his firm’s policies. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals […]

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Merrill Lynch Named In Securities Fraud Arbitration

Lisa Ann Wolf, of Chicago, Illinois, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim, which settled on April 10, 2015 for $150,000.00 in damages based upon allegations that from July of 2008 to June of 2014, Wolf made misrepresentations and […]

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Merrill Lynch Named In FINRA Securities Arbitration

Jacquin P. Fink, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith, has been named in a customer initiated investment related written complaint on October 13, 2016, in which the customer requested $300,000.00 in damages based upon allegations that between October 2015 and October 2016, Fink made unsuitable equity investment recommendations to the […]

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Summit Brokerage Services Named In FINRA Arbitration

James Michael Noto, of Trinity, Florida, a stockbroker currently registered with Summit Brokerage Services, Inc., has been named in a customer initiated investment related arbitration claim, which settled on August 3, 2016 for $25,000.00 in damages. The customer’s claim was based upon allegations that Noto effected an unsuitable variable annuity contract. FINRA Public Disclosure reveals […]

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Merrill Lynch Named In Customer Securities Arbitration

January 19, 2017  |   Posted by :   |   Stockbroker Fraud News, Structured Notes   |   0 Comments

Thomas Alan Braley, of Saginaw, Michigan, a stockbroker and financial advisor formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a customer initiated investment related arbitration claim which settled on December 2, 2016 for $75,000.00 in damages. The customer’s claim was based upon allegations that between January of 2013 and […]

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Merrill Lynch Stockbroker Terminated For Unauthorized Trading

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Brooke Ashley Clements, of Greenwood Village, Colorado, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was terminated by the firm on May 1, 2015, based upon allegations that Clements effected transactions in customer accounts on a discretionary basis, when the firm did not authorize time and place based discretion to be […]

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Merrill Lynch Stockbroker Terminated From Employment For Unauthorized Trading

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Achilleas Psihudakis, of Bayside, New York, was terminated by his employer, Merrill Lynch, Pierce, Fenner & Smith Incorporated on April 16, 2015, based upon allegations that Psihudakis utilized discretion in customer accounts, which was conduct that his broker prohibited. FINRA Public Disclosure reveals that on August 15, 2016, Psihudakis’ securities registration with Maryland Securities Commissioner […]

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United Planners Financial Services Of America Stockbroker Terminated

January 05, 2017  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Eric Wayne Harding, of Scottsdale, Arizona, has been terminated from employment with United Planners Financial Services of America on October 6, 2016, based upon allegations that Harding had failed to abide by the policies of the firm concerning repayment of monies that were owed to the firm. This is not the first time that Harding’s […]

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Coastal Equities Stockbroker Suspended For Unauthorized Trading

Frank J. Bodi, of Atlanta, Georgia, a stockbroker formerly registered with Coastal Equities, Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2014041310601 (Dec. […]

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Merrill Lynch Stockbroker Barred In Investigation

December 17, 2016  |   Posted by :   |   Failure To Supervise   |   0 Comments

Louise J. Neale, of Atlanta, Georgia, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that she failed to cooperate in a FINRA investigation into allegations that Neale mishandled her […]

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Merrill Lynch Fined For Failure To Supervise Puerto Rican Bond Sales

December 07, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

Merrill Lynch, Pierce, Fenner & Smith, headquartered in New York, York, New York, was censured and fined $6,250,000.00 by Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to supervise loan management accounts, and failed to supervise suitability transactions pertaining to Puerto Rico securities. Letter of Acceptance, Waiver and Consent, No. […]

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First Financial Equity Corporation Named In Customer Arbitration Claim

Randy Merrill, of Waco Texas, a stockbroker currently registered with First Financial Equity Corporation, has been subject to a customer initiated investment related arbitration claim on October 19, 2015, which was settled for $22,500.00 in damages based upon allegations that Merrill effected unsuitable transactions in the customer’s investment account. The customer additionally alleged that First […]

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Merrill Lynch Named In Customer Unauthorized Trading Claim

Joseph I. Yanofsky, of Greenwood Village, Colorado, a stockbroker formerly registered with Merrill Lynch, Pierce, Fenner & Smith, has been subject to a customer initiated investment related arbitration claim on August 27, 2015, in which the customer alleged that Yanofsky effected unauthorized transactions in the customer’s investment account. FINRA Public Disclosure reveals that Yanofsky has […]

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Merrill Lynch Stockbroker Barred In Investigation

November 18, 2016  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Alfonso Papa, of Pennington, New Jersey, a stockbroker formerly associated with Merrill Lynch, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of misconduct associated with “personal bank accounts.” Letter of Acceptance, Waiver and Consent, No. 2016048730602 […]

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Former Stifel Nicolaus Stockbroker Barred In Investigation

November 02, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Jay J. Gruenebaum, of Zanesville, Ohio, a stockbroker formerly registered with Stifel, Nicolaus & Company, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations that Gruenebaum mishandled customer accounts. Letter of Acceptance, Waiver and Consent, No. […]

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Merrill Lynch Stockbroker Named In Customer Arbitration Claim

November 02, 2016  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News, Suitability   |   0 Comments

Heather P. Weber, of Tampa, Florida, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been named in a pending customer initiated investment related arbitration claim on July 7, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Weber made omissions and misrepresentations to the customer concerning investments, and […]

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Capital Securities Management Stockbroker Named in Alleged Unsuitability Claim

September 16, 2016  |   Posted by :   |   Stockbroker Fraud, Suitability   |   0 Comments

James B. Moran, of Florham Park, New Jersey, is subject to a pending customer dispute from May 11, 2016, in which a customer requested $167,640.35 in connection with allegations against Moran of effecting transactions in the customer’s account that were not suitable. According to FINRA records, Moran has been subject to six additional disclosure incidents. […]

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Crime Pays: Merrill Lynch Fined $10 Millions Dollars For $150 Million Scheme

September 16, 2016  |   Posted by :   |   Strategic Return Notes, Structured Notes   |   0 Comments

Merrill Lynch, Pierce, Fenner & Smith Inc., headquartered in New York, New York, consented to a $10,000,000.00 fine by The Securities and Exchange Commission (SEC) in connection with an SEC Order containing findings that Merrill Lynch made misleading statements regarding costs pertaining to structured notes issued by Bank of America – Merrill Lynch’s parent. SEC […]

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Merrill Lynch Fined 358 Million Dollars For Misuse Of Customer Funds

September 16, 2016  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Merrill Lynch, Pierce, Fenner & Smith Inc., headquartered in New York, New York, was fined $358,000,000.00, and issued a Cease and Desist Order by The Securities and Exchange Commission in connection with findings that Merrill Lynch failed to properly safeguard the clients’ assets from creditor claims, and improperly utilized investors’ funds in order to rake […]

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Merrill Lynch Stockbroker Charged With Lying To Customers

August 25, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Landon L. Williams, of Jacksonville, Florida, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was charged by Financial Industry Regulatory Authority (FINRA) in a Complaint alleging that Williams had made misrepresentations to firm customers concerning securities transactions. Department of Enforcement v. Williams, No. 2014042524301 (Aug 4, 2016). According to the Complaint, from March […]

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Merrill Lynch Stockbroker Suspended For Unauthorized Trading

August 17, 2016  |   Posted by :   |   Stockbroker Fraud News, Unauthorized Trading   |   0 Comments

Paul S. Plemenos of Sparta, New Jersey, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in unauthorized trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. […]

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J.P. Morgan Securities Broker Suspended For Unauthorized Trading

David J. Sullivan of Boston, Massachusetts, a registered representative with J.P. Morgan Securities LLC, was fined $5,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for fifteen days after consenting to findings that he engaged in unauthorized discretionary trading. Letter of Acceptance, Waiver and Consent No. […]

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Merrill Lynch Stockbroker Barred In Kickback Scheme

Kenneth Daley, of Garden City, New York, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith Incorporated, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he concealed customer funds and made an unsuitable investment recommendation. Letter of Acceptance, Waiver and Consent, […]

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Merrill Lynch Strategic Return Notes Fiasco

Merrill Lynch, Pierce Fenner & Smith, Inc. headquartered in New York, New York, was censured and fined $5,000,000.00 by the Financial Industry Regulatory Authority (FINRA) after consenting to findings that the firm failed to properly disclose costs associated with strategic return notes. Letter of Acceptance, Waiver and Consent, No. 2012032967901 (June 23, 2016). According to the […]

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Legend Securities Stockbroker Barred for Selling Away

June 30, 2016  |   Posted by :   |   Selling Away, Stockbroker Fraud News, Suitability   |   0 Comments

Richard Gomez, of New York, New York, a stockbroker with Legend Securities, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity in connection with a Hearing Panel Decision containing findings that Gomez engaged in private securities transactions, and made unsuitable recommendations to investors. Department of Enforcement […]

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Merrill Lynch Stockbroker Barred In Stealing Investigation

Scott Muirhead, of Jacksonville, Florida, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that Muirhead failed to comply with a FINRA investigation. Letter of Acceptance, Waiver and Consent, No. 20150447853-01 (Apr. 19, […]

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Merrill Lynch Stockbroker Suspended For Selling Away

Bruce William McNabb, of San Antonio, Texas, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith, Inc., was fined $50,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in an unauthorized private securities transaction. Letter of Acceptance, […]

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Merrill Lynch Stockbroker Barred In Investigation

April 11, 2016  |   Posted by :   |   Customer Loans, Stockbroker Fraud News   |   0 Comments

Billy Wayne Allen, of Bentonville, Arkansas, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into his unauthorized solicitation and receipt of loans from customers. […]

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Merrill Lynch Broker Suspended For Private Securities Transactions

John L. Shockey, of Shreveport, Louisiana, a stockbroker with Merrill Lynch, Pierce, Fenner & Smith, Inc., was fined $15,000.00; disgorged of $70,070.00; and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he engaged in the participation of multiple unauthorized private […]

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Merrill Lynch Stockbroker Suspended For Unauthorized Trading

Giustino Destefano, of Williamsville, New York, a stockbroker with Merrill Lynch, was fined $10,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading and mismarked customers’ order tickets as unsolicited. Letter of Acceptance, Waiver and […]

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Merrill Lynch Stockbroker Suspended For Unauthorized Trading

Harold Joseph Petro, of Indianapolis, Indiana, a stockbroker with Merrill Lynch, was fined $15,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he engaged in unauthorized discretionary trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2014040640101 (Mar. […]

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Raymond James Stockbroker Barred In Investigation

Jeffrey S. Ingros, of Beaver, Pennsylvania, a stockbroker with Raymond James Financial Services, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he engaged in unauthorized loans and outside business activities. […]

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Merrill Lynch Fined for Negligent Hiring

January 21, 2016  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Merrill Lynch, Pierce, Fenner & Smith Inc. of New York, New York, was censured and fined $1,250,000 after consenting to findings of the firm’s failure to fingerprint or timely fingerprint associated persons; failure to adequately screen for statutory disqualification; failure to create required documents; and failure to establish and maintain an adequate supervisory system and […]

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WFG Investments, Inc. Stockbroker Suspended for Unsuitable Trading

Larry Michael Crabtree of Edmond, Oklahoma, a stockbroker with WFG Investments, Inc., was suspended for six-months in all capacities from association with any Financial Industry Regulatory Authority (FINRA) member firm after consenting to findings that Crabtree engaged in unsuitable trading and improperly exercised discretion in the account of a customer; sent inappropriate and unapproved communications […]

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Pharma-boy Martin Shkreli Charged With Defrauding Hedge Fund Investors And Stealing $11 Million In Assets

December 17, 2015  |   Posted by :   |   Alternative Investments, Hedge Funds   |   0 Comments

Today, the United States Attorney for the Eastern District of New York unsealed a seven-count indictment Martin Shkreli and his lawyer with securities fraud. According to the indictment, between September 2009 and January 2011, Shkreli falsely represented to potential investors his company MSMB Capital was a transparent investment vehicle for sophisticated investors with monthly liquidity, […]

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Merrill Lynch Associated Person Barred for Attempted Stealing

December 09, 2015  |   Posted by :   |   Embezzlement, Failure To Supervise, Misappropriation of Funds   |   0 Comments

John Michael Leone, a non-registered associated person with Merrill Lynch, Pierce, Fenner & Smith, was barred from associating with any Financial Industry Regulatory Authority (FINRA) member frim in any capacity after consenting to findings that he attempted to convert customer funds. Letter of Acceptance, Waiver and Consent, No. 2015045761101 (Dec. 1, 2015). According to the […]

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J.P. Morgan Securities Broker Suspended For Unauthorized Trading

David J. Sullivan of Boston, Massachusetts, a registered representative with J.P. Morgan Securities LLC, was fined $5,000 and suspended from association with any Financial Industry Regulatory Authority (FINRA) member in any and all capacities for fifteen days after consenting to findings that he engaged in unauthorized discretionary trading. Letter of Acceptance, Waiver and Consent No. […]

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Merrill Lynch Stockbroker Barred for Outside Business Activities

November 15, 2015  |   Posted by :   |   Outside Business Activities, Stockbroker Fraud News   |   0 Comments

Xavier R. Endress of Bloomfield Hills, Michigan, a registered representative with Merrill Lynch, Pierce, Fenner & Smith, Inc., was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) registered firm in all capacities after consenting to findings that he engaged in undisclosed outside business activities and provided false information to his employer in […]

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Merrill Lynch Stockbroker Barred in Unauthorized Trading Investigation

Liam Gerard O’Keeffe from Danbury, CT, a Stockbroker with Merrill Lynch, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity after consenting to findings that he failed to provide information and documentation requested by FINRA in the course of their investigation into allegations that O’Keeffe exercised discretion […]

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Merrill Lynch Stockbroker Barred for Obstructing Investigation into Business Activities

Brodie Johnson, a Stockbroker with Merrill Lynch, was permanently barred from association with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that Johnson had failed to provide information and documentation pursuant to a FINRA investigation into Johnson’s alleged outside business activities and trading in personal accounts. Letter of Acceptance, […]

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Merrill Lynch Broker Barred for Stealing

Tammy C. Peterson, a registered representative for Merrill Lynch, Pierce, Fenner & Smith, Inc., was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to FINRA findings that Peterson had converted approximately $107,378 from four of her firm’s customers for her own personal benefit and use. Letter […]

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Raymond James Broker Suspended for Unauthorized Trading

Tiffany Danielle Peacock-Asakawa, a former general securities representative with both Raymond James Financial Services, Inc. and Merrill Lynch, was suspended for 10 months from associating with any FINRA-regulated firm in any capacity, while also being subject to a $15,000 fine after consenting to FINRA findings that she had executed trades for customers without being licensed, […]

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Merrill Lynch Broker Barred Loan from Elderly Customer

Michael R. Highfill from Ridgeland, Misssippi, a former general securities representative and general securities sales supervisor with Merrill Lynch, Pierce, Fenner & Smith Inc., was barred from association with any FINRA-registered firm in all capacities after failing to provide information and documentation in connection with FINRA’s investigation into allegations that Highfill solicited and had accepted […]

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Former Financial Advisor Barred by FINRA for Misrepresentations and Misconduct in Handling of Customer Accounts

Thomas J. Buck, a former Indiana based financial advisor associated with RBC Capital Markets, LLC, was barred from association with any FINRA-registered firm in all capacities after consenting to FINRA findings containing allegations Buck committed misconduct pertaining to commission-based accounts and unauthorized trading and exercise of discretion without oral or written authorization. FINRA Letter of […]

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Ponzi Scheme Award of the Year Goes to This Man

February 16, 2015  |   Posted by :   |   Hedge Funds, Ponzi Scheme, Stockbroker Fraud News   |   0 Comments

Welcome to America! You Can’t Make This Stuff Up America is the land of opportunity. Pakistani citizen and New York resident, Moazzam “Mark” Malik worked as a waiter, and NYPD traffic agent, and a security guard. After “working” at Lehman Brothers, JP Morgan Chase and Merrill Lynch, since 2002. Mark Malik manages more than $1 […]

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Stockbroker Expelled for Sale of Fictitious Notes to High Profile Athletes

November 19, 2013  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Jinesh Brahmbhatt also known as “Hodge,” was permanently barred by the Financial Industry Regulatory Authority or FINRA in connection with an alleged $18 million fraud perpetrated against a number of high profile National Football League and National Basketball Association players. Brahmbhatt, also conducting business under the name Jade Private Wealth Management, agreed to an a […]

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Investors Lose 80% of Investment in Bank of America Merrill Lynch

August 28, 2012  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

In 2011 Bank of America Merrill Lynch, in conjunction with ETF Securities, launched the first Exchange Traded Fund (ETF) linked to European equity volatility, listed on the London Stock Exchange. The ETFX-BofAML IVSTOXX ETF is linked to the EURO STOXX 50 Investable Volatility Index (the Investable VSTOXX, or IVSTOXX), an investable index which reflects the […]

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Merrill Lynch Fined $450,000 for Failure to Supervise

June 21, 2012  |   Posted by :   |   Stockbroker Fraud News   |   0 Comments

Merrill Lynch, Pierce, Fenner & Smith Inc. has been fined $450,000 by the Financial Industry Regulatory Authority (FINRA) for failure to supervise operations to prevent unsuitably high concentrations of structured products from building up in customer accounts. The firm submitted a Letter of Acceptance, Waiver and Consent (AWC) to settle alleged violations of FINRA rules. […]

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FINRA Arbitration Panel Weighs Overconcentration In Fannie Mae Preferred Suitability Case

October 19, 2011  |   Posted by :   |   Stockbroker Fraud News, Suitability   |   0 Comments

On October 4, 2011, a FINRA Arbitration Panel sitting Portland, Oregon, in the matter of James D. Brogden, et. al. v. Merrill Lynch Pierce Fenner & Smith, Inc., FINRA Arbitration Number 10-01725 rendered an arbitration award against Merrill Lynch for $96,049 of the $309,358 in damages sought in connection with the recommendation to purchase Federal […]

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FINRA Fines Bank Broker-Dealers $1.65 Million for Supervisory Failures

August 21, 2009  |   Posted by :   |   Annuity Schemes, Stockbroker Fraud News   |   0 Comments

FINRA Fines Bank Broker-Dealers $1.65 Million for Supervisory Failures in Variable Annuity, Mutual Fund and UIT Transactions. Five Firms Sanctioned, One Charged with Unsuitable VA Sales to the Elderly Washington, D.C. — The Financial Industry Regulatory Authority (FINRA) announced today that it fined five bank broker-dealers a total of $1.65 million for deficient supervision and […]

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J.P. Turner Fined $250,000 For Failure To Supervise Commissions

October 31, 2008  |   Posted by :   |   Failure To Supervise, Stockbroker Fraud News   |   0 Comments

Washington, D.C. – The Financial Industry Regulatory Authority (FINRA) announced today that it has imposed a $250,000 fine against J.P. Turner & Company, LLC of Atlanta, GA, for failing to have an adequate supervisory system designed to ensure that its registered representatives charged customers fair and reasonable commissions on stock trades. As part of the […]

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Claims From the Risky Recommendation of Wachovia, Fannie Mae, Freddie Mac, Bear Stearns, & Lehman Brothers

October 08, 2008  |   Posted by :   |   Stockbroker Fraud, Stockbroker Fraud News   |   0 Comments

PHILADELPHIA – PA Nicholas J. Guiliano of the Guiliano Law Group, P.C., in Philadelphia, Pennsylvania announced today he is actively investigating and pursuing fraud claims against certain securities broker-dealers resulting from the risky or unsuitable recommendation of the securities of certain financial institutions. Tens of Billions Lost in Securities Investment Trusts, Labor Unions, Pension Funds, […]

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FINRA Develops Public Arbitrator Pilot Program.

In a superficial effort to avoid Congress enacting the Arbitration Fairness Act, in response to the perceived corruption of the arbitration process by FINRA, a “self”-regulatory organization consisting of the same brokerage firms that are the defendants or respondents in these cases, announced that it will launch a two-year pilot program later this fall. The pilot program […]

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Description of Merrill Lynch’s Auction Rate Securities Practices & Procedures

General Description of Auction Rate Securities Auction rate securities were first offered for sale in U.S. financial markets in the early 1980s. As of the end of 2005, there were approximately $263 billion of auction rate securities outstanding. Many different types of issuers have issued auction rate securities for example, closed-end funds, corporations, municipal authorities […]

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Citigroup Global Markets Fined $2.5M For Failure To Deliver Prospectus

NYSE HEARING BOARD DECISION 07-143 September 7, 2007 Citigroup Global Markets Inc. Violated NYSE Rule 401(a) by failing to ensure delivery of prospectuses in connection with sales of registered securities in violation of Section 5(b)(2) of Securities Act of 1933 and to deliver trade confirmations to certain customers; violated NYSE Rule 1100(b) by failing to […]

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Banc of America Securities LLC Fined For Failure to Supervise

NEW YORK STOCK EXCHANGE LLC NYSE HEARING BOARD DECISION 07-129 September 7, 2007 BANC OF AMERICA SECURITIES LLC MEMBER ORGANIZATION Violated NYSE Rule 401(a) by failing to ensure delivery of prospectuses in connection with sales of registered securities in violation of Section 5(b)(2) of Securities Act of 1933; violated NYSE Rule 1100(b) by failing to […]

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Wachovia Securities Fined for Failure to Delivery Prospectuses

NEW YORK STOCK EXCHANGE LLC NYSE HEARING BOARD DECISION 07-116 September 7, 2007 WACHOVIA CAPITAL MARKETS LLC MEMBER ORGANIZATION Violated NYSE Rule 1100(b) by failing to deliver product descriptions to customers that purchased Exchanged Traded Funds; violated NYSE Rule 342 by failing to provide for, establish, and maintain appropriate procedures of supervision and control, including […]

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