Merrill Lynch, Pierce, Fenner & Smith Inc. (“Merrill Lynch”) (CRD# 7691) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated Merrill Lynch, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you believe you have a claim against Merrill Lynch, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
Can I Sue Merrill Lynch?
If you’ve lost money caused by Merrill Lynch and/or its employees’ misconduct then the answer is, YES, you can sue Merrill Lynch but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue Merrill Lynch in FINRA arbitration proceedings, but WIN that arbitration. The easiest way to know if you have a viable case against Merrill Lynch is to call Attorney Pearce at our office at 800-732-2889.
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
What is Merrill Lynch?
Merrill Lynch (CRD# 7691) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, Merrill Lynch is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.
A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
Merrill Lynch Has Many Different Regulatory Problems
Merrill Lynch’ rapid growth has not been without consequences. There have been approximately 593 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against Merrill Lynch for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Merrill Lynch is a repeat offender: there are over 593 FINRA-reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems Merrill Lynch Has Faced Over the Years*
Merrill Lynch has been repeatedly censured, warned, and fined multi-millions of dollars for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Merrill Lynch Fined $1.4 Million Over Do-Not-Call Violations
Brief Overview: In May 2023, Merrill Lynch signed consent orders to pay fines resulting from telemarketing violations, as reported by AdvisorHub. The Financial Industry Regulatory Authority (FINRA) and state regulators in New Hampshire reached settlements with Merrill Lynch, requiring the company to pay fines totaling $1.4 million and accept a censure.
The cases revolve around allegations that from 2018 to 2020, Merrill Lynch trainees made thousands of cold calls to phone numbers listed on the national do-not-call registry and the firm’s internal do-not-call list. Despite having a policy against calling numbers on these lists, Merrill Lynch was found to lack an adequate supervisory system to prevent such calls. During compliance reviews, officials did not consider numbers that trainees called but didn’t log as prospective clients within its content management system. A former employee raised the issue in 2019.
Merrill Lynch was found in violation of several FINRA rules, including Rule 3230 prohibiting brokers from calling individuals who previously expressed their refusal to receive outbound telephone calls and Rule 3100, which requires broker-dealers to maintain a supervisory system for compliance. Merrill Lynch also violated Rule 2010, which mandates firms to uphold high standards of commercial honor. Under the settlement, Merrill Lynch agreed to pay $700,000 in fines to FINRA without admitting or denying the findings. In the New Hampshire case, the firm will pay a fine of $650,000, along with $50,000 for the investigation costs. Merrill Lynch stated that it conducted an internal review, reported its findings to FINRA, and improved its supervision and training upon being notified of the trainees’ issues.
Merrill Lynch to Paid $15.2 Million to Overcharged Mutual Fund Customers
Brief Overview: On June 2, 2022, Bank of America Corp’s Merrill Lynch unit agreed to pay over $15.2 million to thousands of customers who were automatically directed to buy costlier mutual fund shares than they were eligible for, as reported by Reuters. The Financial Industry Regulatory Authority (FINRA) announced the settlement, which includes restitution and interest, and does not impose any fines. Merrill Lynch did not admit or deny wrongdoing in accepting the payout.
FINRA revealed that Merrill Lynch had a flawed automated system, which was intended to limit customers’ purchases of more expensive Class C mutual fund shares when cheaper Class A shares were available. However, the system frequently failed to restrict Class C share purchases, resulting in customers paying $13.4 million in unnecessary fees and expenses between January 2015 and January 2021.
As part of the settlement, Merrill Lynch agreed to convert customers’ Class C shares to Class A shares where appropriate. The absence of a fine was attributed to Merrill’s “extraordinary cooperation,” which included hiring an external consultant to identify affected customers and implementing a remediation plan. Bank of America stated that it proactively detected the issue, reported it to FINRA, and took steps to address it.
Merrill Lynch to Pay $415 Million for Misusing Customer Cash and Putting Securities at Risk
Brief Overview: On June 2016, Merrill Lynch agreed to pay $415 million and admit wrongdoing to settle SEC charges. The firm misused customer cash by engaging in complex options trades, freeing up billions of dollars for its own trading activities. Had Merrill Lynch failed during these trades, customers would have faced a significant shortfall in the reserve account. Additionally, the firm violated the Customer Protection Rule by holding customer securities subject to liens, exposing customers to risk. Merrill Lynch also impeded whistleblowers in severance agreements. The settlement requires Merrill Lynch to pay $415 million and implement remediation measures.
*Above are only some of the regulatory disciplinary actions filed against Merrill Lynch by FINRA. NASSA and other state securities regulator investigations and enforcement actions account for another 593 BrokerCheck disclosures.
Merrill Lynch Customer Complaints
There have been scores of customer complaints filed against Merrill Lynch stockbrokers and investment advisors over the years. We have launched many investigations of current and former Merrill Lynch advisors:
- Joseph Chu of RBC Capital Markets, LLC
- David Wilson of Merrill Lynch, Pierce, Fenner & Smith Inc.
- Christopher Swan of BB&T Securities, LLC
- Amit Patel of J.P. Morgan Securities, LLC
- Jose Casellas of Merrill Lynch, Pierce, Fenner & Smith Inc.
- Jacquin Fink of Merrill Lynch
- Kevin Schaefer of Wells Fargo Clearing Services, LLC
- Richard Sica of Merrill Lynch, Pierce, Fenner & Smith, Inc.
- Jason Jaynes of Wells Fargo Clearing Services, LLC
- Isaac Chan of Cetera Investment Services LLC
- Jacob Mohr of Merrill Lynch, Pierce, Fenner & Smith Inc.
- Heather Weber of Merrill Lynch
- Frank Coussens of Ameriprise Financial Services
- Michael Greenstone of Merrill Lynch Pierce Fenner & Smith
- Ante Feric of J.P. Morgan Securities LLC
- Robert Brinckerhoff of Morgan Stanley
- Paul Akre of Merrill Lynch
- Jeremy Newton of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Andrew Lee of Wedbush Securities Inc.
- Ann Onhaizer of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Ante Feric formerly with J.P. Morgan Securities LLC
- Asaf Glaich of Stifel, Nicolaus & Company
- Barrett Brightwell of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Barry Rubin of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Brandon Whaley of J.P. Morgan Securities LLC
- Brian Arezzo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Brian Janus of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Hung Sam formerly with Wells Fargo Clearing Services
- Robert Schepperle of Merrill Lynch Pierce Fenner & Smith
- Eric Schwager Formerly With Merrill Lynch Pierce Fenner & Smith
- Joseph Shimko formerly with Merrill Lynch Pierce Fenner & Smith
- David Smith of Merrill Lynch Pierce Fenner & Smith
- Jason Steele of Merrill Lynch Pierce Fenner & Smith
- Zachary Stuart formerly with J.P. Morgan Securities
- Michael Taborski of Merrill Lynch Pierce Fenner & Smith
- Roy Tonning of UBS Financial Services
- Ernst Tullus of Merrill Lynch Pierce Fenner & Smith
- Trang Tran formerly with Merrill Lynch Pierce Fenner & Smith
- Michael Voltin of Merrill Lynch Pierce Fenner & Smith
- Austin Wetsch of Merrill Lynch Pierce Fenner & Smith
- Guadalupe Wright Formerly With Merrill Lynch Pierce Fenner & Smith
- Dennis Ayer of Hilltop Securities
- William Thon of Merrill Lynch
- Angel Curbelo of Merrill Lynch Pierce Fenner & Smith
- Amanda Deisenroth of Merrill Lynch Pierce Fenner & Smith
- Joseph Duffy of Merrill Lynch Pierce Fenner & Smith
- Eric Fuller of Morgan Stanley
- Joseph Hunt of Merrill Lynch Pierce Fenner & Smith
- Matthew Hyson of Merrill Lynch Pierce Fenner & Smith
- Andrey Ilyasov of Ameriprise Financial Services
- Christine Kelley of Merrill Lynch Pierce Fenner & Smith
- William Guthrie of Cuso Financial Services
- Mark Hopper of Merrill Lynch Pierce Fenner & Smith
- Felicia Jacobs of Merrill Lynch Pierce Fenner & Smith
- Di Jin of Merrill Lynch Pierce Fenner & Smith
- Eric Johnson formerly with Merrill Lynch Pierce Fenner & Smith
- Mikihisa Kobayashi of Merrill Lynch Pierce Fenner & Smith
- Sanghyun Lee of Merrill Lynch Pierce Fenner & Smith
- David Marquis of Merrill Lynch Pierce Fenner & Smith
- Kevin Longo of Merrill Lynch Pierce Fenner & Smith
- John Tracy of Merrill Lynch Pierce Fenner & Smith
- David Turk of Equitable Advisors
- C. L. Taylor of Merrill Lynch Pierce Fenner & Smith
- Victor Martinez of Morgan Stanley
- Barbara McMahon of Merrill Lynch Pierce Fenner & Smith
- Jeffrey Miller of Merrill Lynch Pierce Fenner & Smith
- Marko Milosevic of Merrill Lynch Pierce Fenner & Smith
- Michael Oliveri of Santander Securities
- James Padilla formerly with Merrill Lynch Pierce Fenner & Smith
- Michael Penny of Merrill Lynch Pierce Fenner & Smith
- Richard Ramos of LPL Financial
- Megan Rehill of Merrill Lynch Pierce Fenner & Smith
- Christopher Reilly Formerly With Merrill Lynch Pierce Fenner & Smith
- David Smith Of Merrill Lynch Pierce Fenner & Smith
- Michael Truitt Of Merrill Lynch Pierce Fenner & Smith
- John Abbott Formerly With Merrill Lynch Pierce Fenner & Smith
- Bernard Adair of Merrill Lynch Pierce Fenner & Smith
- Garland Homes of Merrill Lynch Pierce Fenner & Smith
- Anthony Williams Formerly With Merrill Lynch Pierce Fenner & Smith
- Mitchell Wolfe Formerly With Merrill Lynch Pierce Fenner & Smith
- Joshua Adler Of Merrill Lynch Pierce Fenner & Smith
- Donald Bescher of BB&T Securities
- Alexander Batt of Wells Fargo Advisors Financial Network
- John Brienza of Merrill Lynch Pierce Fenner & Smith
- Thorne James of Merrill Lynch Pierce Fenner & Smith
- Mark Jones of Merrill Lynch Pierce Fenner & Smith
- Darwin Campbell of RBC Capital Markets
- Cristiano Castellini of Merrill Lynch Pierce Fenner & Smith
- Carl Ceder of Merrill Lynch Pierce Fenner & Smith
- Harold Cho of Merrill Lynch Pierce Fenner & Smith
- Jeffrey Marcus of Merrill Lynch Pierce Fenner & Smith
- Michael Licari of Merrill Lynch Pierce Fenner & Smith
- Brian Connor of Merrill Lynch Pierce Fenner & Smith
- Joseph Crews of Merrill Lynch Pierce Fenner & Smith
- Ting O’Connor of Merrill Lynch Pierce Fenner & Smith
- Robert Powers of Wells Fargo Clearing Services
- Roberto Fernandez of Merrill Lynch Pierce Fenner & Smith
- Daren Frankeberger of Merrill Lynch Pierce Fenner & Smith
- Ernest Frerking of Merrill Lynch Pierce Fenner & Smith
- Virginia Giuffre Formerly With Merrill Lynch Pierce Fenner & Smith
- Don Gombos Formerly With Merrill Lynch Pierce Fenner & Smith
- David Goodwin of Merrill Lynch Pierce Fenner & Smith
- Stuart Daniels of Merrill Lynch Pierce Fenner & Smith
- John Doherty of Merrill Lynch Pierce Fenner & Smith
- John Donnelly of Merrill Lynch Pierce Fenner & Smith
- Marcus Hernandez of Merrill Lynch Pierce Fenner & Smith
- Christopher Hibbard formerly with Merrill Lynch Pierce Fenner & Smith
- Ryan Hekman of Merrill Lynch Pierce Fenner & Smith
- Peter Izzo of Merrill Lynch Pierce Fenner & Smith
- Carol James Formerly With Merrill Lynch Pierce Fenner & Smith
- Joel Lansat of Merrill Lynch Pierce Fenner & Smith
- Kimberly Latimer of Merrill Lynch Pierce Fenner & Smith
- Robert Lattig of Merrill Lynch Pierce Fenner & Smith
- Jessica Long formerly with Merrill Lynch Pierce Fenner & Smith
- Trent Longnecker of Merrill Lynch Pierce Fenner & Smith
- John Loughran of UBS Financial Services
- Michael Margiotta of Merrill Lynch Pierce Fenner & Smith
- Allan Linke of Merrill Lynch Pierce Fenner & Smith
- Scott Madison of Merrill Lynch Pierce Fenner & Smith
- Gregory Miseyko of Merrill Lynch Pierce Fenner & Smith
- Christopher Mizzi of Merrill Lynch Pierce Fenner & Smith
- Daniel Moran of Merrill Lynch Pierce Fenner & Smith
- Steven Noce of Merrill Lynch Pierce Fenner & Smith
- Michael O’Flaherty of Janney Montgomery Scott
- Michael New of BMO Harris Financial Advisors
- Thomas McCusker of LPL Financial
- Thomas Meachum of Merrill Lynch Pierce Fenner & Smith
- Randy Risdon of Merrill Lynch Pierce Fenner & Smith
- Michael Saul of Purshe Kaplan Sterling Investments
- Robert Scarborough of Morgan Stanley
- Jorge Sonville of Merrill Lynch Pierce Fenner & Smith
- James Sophia of Morgan Stanley
- Miles Pure of Raymond James & Associates
- Donald Porterfield of Merrill Lynch Pierce Fenner & Smith
- Richard Piatas of Merrill Lynch Pierce Fenner & Smith
- John Shupenko of Merrill Lynch Pierce Fenner & Smith
- Charles Sergewick of Merrill Lynch Pierce Fenner & Smith
- Mark Sitter of KCD Financial
- Ryan Wetsel of Merrill Lynch Pierce Fenner & Smith
- Pamela Wise of Merrill Lynch Pierce Fenner & Smith
- Brian Wurdemann of RBC Capital Markets
- Jeremy Yuster of Merrill Lynch Pierce Fenner & Smith
- Dave Alexandre formerly with Merrill Lynch Pierce Fenner & Smith
- Billy Allen formerly with Legend Equities
- Jason Anderson formerly with Merrill Lynch Pierce Fenner & Smith
- Jessica Arana of J.P. Morgan Securities
- Patrick Brown formerly with Merrill Lynch Pierce Fenner & Smith
- Renee Burns of Merrill Lynch Pierce Fenner & Smith
- Andrew O’Brien of Merrill Lynch Pierce Fenner & Smith
- Nason Bouche of Merrill Lynch Pierce Fenner & Smith
- Craig Bottolfson of Merrill Lynch Pierce Fenner & Smith
- Michael Caffrey of Merrill Lynch Pierce Fenner & Smith
- Matthew Courchesne of Wilmington Capital Securities
- Richard Crabtree of Merrill Lynch Pierce Fenner & Smith
- Charles Belluardo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Charles Gaba of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Charles Friedlander formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Aaron Griswold of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Alberto Boulton of Merrill Lynch Pierce Fenner & Smith Incorporated
- Annette Blank formerly with Oppenheimer & Co. Inc.
- Chad Spezia of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Carrie Lawlor formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Christopher Phillips of RBC Capital Markets, LLC
- Christopher Dunnavant of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Christopher Eriksson formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Conrad Branson of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Cortez Patten formerly with Fidelity Brokerage Services LLC
- Dante Pinckney of Merrill Lynch, Pierce, Fenner & Smith Incorporated?
- Darren Armetta of J.P. Morgan Securities LLC
- David Hollenberg of RBC Capital Markets LLC
- David Gingerella of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Derek Wittjohann of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Diego Macedo of Morgan Stanley
- Donald Ostrick of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Dong Zhang of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Earl Southerland formerly with CUSO Financial Services, LP
- Eddy Gutierrez of Oppenheimer & Co. Inc.
- Elizabeth Knier formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Emilio Guajardo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Fataneh Geransar of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Forrest Jones formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Gary Begnaud of Janney Montgomery Scott LLC
- Glenn Yarbrough of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Hector Gonzalez of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Ivan Williams, IV of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jacob Thomas of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- James Lacey, Jr of Morgan Stanley
- James Morner of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- James Prosperi formerly with Pruco Securities, LLC
- Jason Loiterstein Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jason Tarver of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Javier Naselli of UBS Financial Services Inc.
- Javier Estremera of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jeffrey Fitz of Raymond James Financial Services, Inc.
- John Theodossakos of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jon Collins of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jerry Rhoden formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jody Thompson formerly with Alexander Capital, L.P.
- Jordan Varela of Wells Fargo Advisors Financial Network LLC
- Jose Acosta Jordan of Kovack Securities Inc.
- John Gatto of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Joseph Corcoran of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Joseph Cunneff of Raymond James Financial Services, Inc.
- Joseph Beckert formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Joseph Tartaglini, Jr. of J.P. Morgan Securities LLC
- Justin Crocker of J.P. Morgan Securities LLC
- Katherine Clark of RBC Capital Markets, LLC
- Keith Simmons formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Kendall Pfutzenreuter of RBC Capital Markets, LLC
- Kristin Haynes of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Kevin Taylor of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Larry Tarleton of Wells Fargo Clearing Services, LLC
- Lester Dennis of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Marcus Boggs formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Margarita Figueroa of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Maria Solanet of Insigneo Securities LLC
- Mark Yadron of Kestra Investment Services, LLC
- Mark Ogren of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Martin Shandling of Morgan Stanley
- Matthew Eckenrode of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- McFaddin Moise, III of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Michael Bates of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Michael Goodworth of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Michael Swenson formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Neelab Hakami of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Nicole Falciano of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Omar Khalil of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Paul Platek of UBS Financial Services Inc.
- Paul Wetmore of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Peter Ianace formerly with Wells Fargo Clearing Services, LLC
- Randall Minas of Stifel, Nicolaus & Company, Incorporated
- Raquel Pacheco of Wells Fargo Clearing Services, LLC
- Rebecca Thomas formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Reese Gneiting of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Richard Hogan formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Robert Gallo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Robert Putz, Jr. of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Ross Berman formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Ryan Raskin formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Ryan Taleghani of Morgan Stanley
- Sameera Gupta of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Samuel Coquillard formerly with Pacific Global Fund Distributors, Inc.
- Sean Keenan of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Shawn Porter formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Stacey Archbell of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Stephen Brown formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Steven Davidson of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Susan Naylor of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Thomas Moore of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Timothy Kent of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Vincent Lewis formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Wesley Jones of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Wilber Aguirre of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- William Keeney of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- William Lewis of Wells Fargo Advisors Financial Network, LLC
- George Cairnes of Wells Fargo Clearing Services, LLC
- David Donovan of Morgan Stanley
- Fernando de la Vega of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Maria Gasparro of UBS Financial Services Inc.
- Justin Gillham of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Alan Mann of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Albert Crimaldi of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Alex Mathis of Western International Securities, Inc.
- Alfonso Boneta of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Andres Alminana of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Joe Celotto Jr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- John Forster of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Matthew Barr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Edward Rakosky of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Ronald Coltrane Jr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Sally Ann Weger of Morgan Stanley
- Joshua Slocum formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Richard Beckert of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Thomas Murphy formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Harold Reinstein of First Republic Securities Company, LLC
- Elan Sanker formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Michael Schmidt, Jr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Lei Shan of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Matthew Barr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Kevin Dery of Wells Fargo Advisors Financial Network, LLC
- Craig Kapp of Fidelity Brokerage Services LLC
- John Klaasen, IV of UBS Financial Services Inc.
- Spencer Miller of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Timothy Calabrese of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Fernando De La Vega of Merrill Lynch, Pierce Fenner & Smith Incorporated
- Michael Persinski of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Stephen Medina of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Quan Luu of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Aubrey Lee, Jr. of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- David Gilchrist of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jason Genovese of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Angel Ferrer of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Daniel Ellison of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Robert Bolber of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Harry Zwick of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Alicia Gutierrez of Safra Securities LLC
- Kevin Rice of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Brian Sharp of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Aaron Ungerer of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Joseph Carrano of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Brian Mariash of UBS Financial Services Inc.
- Dustin Smith of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Clarisse Tur of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Marcus Laube of Merrill Lynch, Pierce, Fenner & Smith Incorporated
If you have lost money investing with any of these Merrill Lynch advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call us at 800-732-2889.
Why Does Merrill Lynch Have So Many Regulatory Problems And Customer Complaints?
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.
Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.
These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.
Did Merrill Lynch Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Merrill Lynch is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Merrill Lynch without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
Consult With An Attorney Who Recovers Investment Losses Caused By Merrill Lynch Today!
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 40 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Merrill Lynch cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
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