| Read Time: 7 minutes |

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.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

Robert Pearce

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:

  1. Joseph Chu of RBC Capital Markets, LLC
  2. David Wilson of Merrill Lynch, Pierce, Fenner & Smith Inc.
  3. Christopher Swan of BB&T Securities, LLC
  4. Amit Patel of J.P. Morgan Securities, LLC
  5. Jose Casellas of Merrill Lynch, Pierce, Fenner & Smith Inc.
  6. Jacquin Fink of Merrill Lynch
  7. Kevin Schaefer of Wells Fargo Clearing Services, LLC
  8. Richard Sica of Merrill Lynch, Pierce, Fenner & Smith, Inc.
  9. Jason Jaynes of Wells Fargo Clearing Services, LLC
  10. Isaac Chan of Cetera Investment Services LLC
  11. Jacob Mohr of Merrill Lynch, Pierce, Fenner & Smith Inc.
  12. Heather Weber of Merrill Lynch
  13. Frank Coussens of Ameriprise Financial Services
  14. Michael Greenstone of Merrill Lynch Pierce Fenner & Smith
  15. Ante Feric of J.P. Morgan Securities LLC
  16. Robert Brinckerhoff of Morgan Stanley
  17. Paul Akre of Merrill Lynch
  18. Jeremy Newton of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  19. Andrew Lee of Wedbush Securities Inc.
  20. Ann Onhaizer of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  21. Ante Feric formerly with J.P. Morgan Securities LLC
  22. Asaf Glaich of Stifel, Nicolaus & Company
  23. Barrett Brightwell of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  24. Barry Rubin of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  25. Brandon Whaley of J.P. Morgan Securities LLC
  26. Brian Arezzo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  27. Brian Janus of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  28. Hung Sam formerly with Wells Fargo Clearing Services
  29. Eric Schwager Formerly With Merrill Lynch Pierce Fenner & Smith
  30. Joseph Shimko formerly with Merrill Lynch Pierce Fenner & Smith
  31. David Smith of Merrill Lynch Pierce Fenner & Smith
  32. Jason Steele of Merrill Lynch Pierce Fenner & Smith
  33. Zachary Stuart formerly with J.P. Morgan Securities
  34. Michael Taborski of Merrill Lynch Pierce Fenner & Smith
  35. Roy Tonning of UBS Financial Services
  36. Ernst Tullus of Merrill Lynch Pierce Fenner & Smith
  37. Trang Tran formerly with Merrill Lynch Pierce Fenner & Smith
  38. Michael Voltin of Merrill Lynch Pierce Fenner & Smith
  39. Austin Wetsch of Merrill Lynch Pierce Fenner & Smith
  40. Guadalupe Wright Formerly With Merrill Lynch Pierce Fenner & Smith
  41. Dennis Ayer of Hilltop Securities
  42. William Thon of Merrill Lynch
  43. Angel Curbelo of Merrill Lynch Pierce Fenner & Smith
  44. Amanda Deisenroth of Merrill Lynch Pierce Fenner & Smith
  45. Joseph Duffy of Merrill Lynch Pierce Fenner & Smith
  46. Eric Fuller of Morgan Stanley
  47. Joseph Hunt of Merrill Lynch Pierce Fenner & Smith
  48. Matthew Hyson of Merrill Lynch Pierce Fenner & Smith
  49. Andrey Ilyasov of Ameriprise Financial Services
  50. Christine Kelley of Merrill Lynch Pierce Fenner & Smith
  51. William Guthrie of Cuso Financial Services
  52. Mark Hopper of Merrill Lynch Pierce Fenner & Smith
  53. Felicia Jacobs of Merrill Lynch Pierce Fenner & Smith
  54. Eric Johnson formerly with Merrill Lynch Pierce Fenner & Smith
  55. Mikihisa Kobayashi of Merrill Lynch Pierce Fenner & Smith
  56. Sanghyun Lee of Merrill Lynch Pierce Fenner & Smith
  57. Raymond Marquez of Merrill Lynch Pierce Fenner & Smith
  58. David Marquis of Merrill Lynch Pierce Fenner & Smith
  59. Kevin Longo of Merrill Lynch Pierce Fenner & Smith
  60. John Tracy of Merrill Lynch Pierce Fenner & Smith
  61. David Turk of Equitable Advisors
  62. C. L. Taylor of Merrill Lynch Pierce Fenner & Smith
  63. Victor Martinez of Morgan Stanley
  64. Barbara McMahon of Merrill Lynch Pierce Fenner & Smith
  65. Jeffrey Miller of Merrill Lynch Pierce Fenner & Smith
  66. Marko Milosevic of Merrill Lynch Pierce Fenner & Smith
  67. Michael Oliveri of Santander Securities
  68. James Padilla formerly with Merrill Lynch Pierce Fenner & Smith
  69. Michael Penny of Merrill Lynch Pierce Fenner & Smith
  70. Richard Ramos of LPL Financial
  71. Lafayette Randle of Fortune Financial Services
  72. Megan Rehill of Merrill Lynch Pierce Fenner & Smith
  73. Christopher Reilly Formerly With Merrill Lynch Pierce Fenner & Smith
  74. David Smith Of Merrill Lynch Pierce Fenner & Smith
  75. Michael Truitt Of Merrill Lynch Pierce Fenner & Smith
  76. John Abbott Formerly With Merrill Lynch Pierce Fenner & Smith
  77. Bernard Adair of Merrill Lynch Pierce Fenner & Smith
  78. Garland Homes of Merrill Lynch Pierce Fenner & Smith
  79. Anthony Williams Formerly With Merrill Lynch Pierce Fenner & Smith
  80. Mitchell Wolfe Formerly With Merrill Lynch Pierce Fenner & Smith
  81. Joshua Adler Of Merrill Lynch Pierce Fenner & Smith
  82. Donald Bescher of BB&T Securities
  83. Alexander Batt of Wells Fargo Advisors Financial Network
  84. John Brienza of Merrill Lynch Pierce Fenner & Smith
  85. Thorne James of Merrill Lynch Pierce Fenner & Smith
  86. Mark Jones of Merrill Lynch Pierce Fenner & Smith
  87. Darwin Campbell of RBC Capital Markets
  88. Cristiano Castellini of Merrill Lynch Pierce Fenner & Smith
  89. Carl Ceder of Merrill Lynch Pierce Fenner & Smith
  90. Harold Cho of Merrill Lynch Pierce Fenner & Smith
  91. Jeffrey Marcus of Merrill Lynch Pierce Fenner & Smith
  92. Michael Licari of Merrill Lynch Pierce Fenner & Smith
  93. Brian Connor of Merrill Lynch Pierce Fenner & Smith
  94. Joseph Crews of Merrill Lynch Pierce Fenner & Smith
  95. Ting O’Connor of Merrill Lynch Pierce Fenner & Smith
  96. Robert Powers of Wells Fargo Clearing Services
  97. Roberto Fernandez of Merrill Lynch Pierce Fenner & Smith
  98. Daren Frankeberger of Merrill Lynch Pierce Fenner & Smith
  99. Ernest Frerking of Merrill Lynch Pierce Fenner & Smith
  100. Virginia Giuffre Formerly With Merrill Lynch Pierce Fenner & Smith
  101. Don Gombos Formerly With Merrill Lynch Pierce Fenner & Smith
  102. David Goodwin of Merrill Lynch Pierce Fenner & Smith
  103. Stuart Daniels of Merrill Lynch Pierce Fenner & Smith
  104. John Doherty of Merrill Lynch Pierce Fenner & Smith
  105. John Donnelly of Merrill Lynch Pierce Fenner & Smith
  106. Marcus Hernandez of Merrill Lynch Pierce Fenner & Smith
  107. Ryan Hekman of Merrill Lynch Pierce Fenner & Smith
  108. Peter Izzo of Merrill Lynch Pierce Fenner & Smith
  109. Carol James Formerly With Merrill Lynch Pierce Fenner & Smith
  110. Joel Lansat of Merrill Lynch Pierce Fenner & Smith
  111. Kimberly Latimer of Merrill Lynch Pierce Fenner & Smith
  112. Robert Lattig of Merrill Lynch Pierce Fenner & Smith
  113. Jessica Long formerly with Merrill Lynch Pierce Fenner & Smith
  114. Trent Longnecker of Merrill Lynch Pierce Fenner & Smith
  115. John Loughran of UBS Financial Services
  116. Michael Margiotta of Merrill Lynch Pierce Fenner & Smith
  117. Allan Linke of Merrill Lynch Pierce Fenner & Smith
  118. Scott Madison of Merrill Lynch Pierce Fenner & Smith
  119. Gregory Miseyko of Merrill Lynch Pierce Fenner & Smith
  120. Christopher Mizzi of Merrill Lynch Pierce Fenner & Smith
  121. Daniel Moran of Merrill Lynch Pierce Fenner & Smith
  122. Steven Noce of Merrill Lynch Pierce Fenner & Smith
  123. Michael O’Flaherty of Janney Montgomery Scott
  124. Michael New of BMO Harris Financial Advisors
  125. Thomas McCusker of LPL Financial
  126. Thomas Meachum of Merrill Lynch Pierce Fenner & Smith
  127. Randy Risdon of Merrill Lynch Pierce Fenner & Smith
  128. Michael Saul of Purshe Kaplan Sterling Investments
  129. Robert Scarborough of Morgan Stanley
  130. Jorge Sonville of Merrill Lynch Pierce Fenner & Smith
  131. James Sophia of Morgan Stanley
  132. Miles Pure of Raymond James & Associates
  133. Donald Porterfield of Merrill Lynch Pierce Fenner & Smith
  134. Richard Piatas of Merrill Lynch Pierce Fenner & Smith
  135. John Shupenko of Merrill Lynch Pierce Fenner & Smith
  136. Charles Sergewick of Merrill Lynch Pierce Fenner & Smith
  137. Mark Sitter of KCD Financial
  138. Ryan Wetsel of Merrill Lynch Pierce Fenner & Smith
  139. Pamela Wise of Merrill Lynch Pierce Fenner & Smith
  140. Brian Wurdemann of RBC Capital Markets
  141. Jeremy Yuster of Merrill Lynch Pierce Fenner & Smith
  142. Dave Alexandre formerly with Merrill Lynch Pierce Fenner & Smith
  143. Billy Allen formerly with Legend Equities
  144. Jason Anderson formerly with Merrill Lynch Pierce Fenner & Smith
  145. Jessica Arana of J.P. Morgan Securities
  146. Patrick Brown formerly with Merrill Lynch Pierce Fenner & Smith
  147. Renee Burns of Merrill Lynch Pierce Fenner & Smith
  148. Andrew O’Brien of Merrill Lynch Pierce Fenner & Smith
  149. Nason Bouche of Merrill Lynch Pierce Fenner & Smith
  150. Craig Bottolfson of Merrill Lynch Pierce Fenner & Smith
  151. Michael Caffrey of Merrill Lynch Pierce Fenner & Smith
  152. Matthew Courchesne of Wilmington Capital Securities
  153. Richard Crabtree of Merrill Lynch Pierce Fenner & Smith
  154. Charles Belluardo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  155. Charles Gaba of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  156. Charles Friedlander formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  157. Aaron Griswold of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  158. Alberto Boulton of Merrill Lynch Pierce Fenner & Smith Incorporated
  159. Annette Blank formerly with Oppenheimer & Co. Inc.
  160. Chad Spezia of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  161. Carrie Lawlor formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  162. Christopher Phillips of RBC Capital Markets, LLC
  163. Christopher Dunnavant of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  164. Christopher Eriksson formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  165. Conrad Branson of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  166. Cortez Patten formerly with Fidelity Brokerage Services LLC
  167. Dante Pinckney of Merrill Lynch, Pierce, Fenner & Smith Incorporated?
  168. Darren Armetta of J.P. Morgan Securities LLC
  169. David Hollenberg of RBC Capital Markets LLC
  170. David Gingerella of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  171. Derek Wittjohann of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  172. Diego Macedo of Morgan Stanley
  173. Donald Ostrick of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  174. Dong Zhang of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  175. Earl Southerland formerly with CUSO Financial Services, LP
  176. Eddy Gutierrez of Oppenheimer & Co. Inc.
  177. Elizabeth Knier formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  178. Emilio Guajardo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  179. Fataneh Geransar of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  180. Forrest Jones formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  181. Gary Begnaud of Janney Montgomery Scott LLC
  182. Glenn Yarbrough of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  183. Ivan Williams, IV of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  184. Jacob Thomas of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  185. James Lacey, Jr of Morgan Stanley
  186. James Morner of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  187. James Prosperi formerly with Pruco Securities, LLC
  188. Jason Loiterstein Merrill Lynch, Pierce, Fenner & Smith Incorporated
  189. Jason Tarver of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  190. Javier Naselli of UBS Financial Services Inc.
  191. Javier Estremera of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  192. Jeffrey Fitz of Raymond James Financial Services, Inc.
  193. John Theodossakos of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  194. Jon Collins of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  195. Jerry Rhoden formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  196. Jody Thompson formerly with Alexander Capital, L.P.
  197. Jordan Varela of Wells Fargo Advisors Financial Network LLC
  198. Jose Acosta Jordan of Kovack Securities Inc.
  199. John Gatto of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  200. Joseph Corcoran of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  201. Joseph Cunneff of Raymond James Financial Services, Inc.
  202. Joseph Beckert formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  203. Justin Crocker of J.P. Morgan Securities LLC
  204. Katherine Clark of RBC Capital Markets, LLC
  205. Keith Simmons formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  206. Kendall Pfutzenreuter of RBC Capital Markets, LLC
  207. Kristin Haynes of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  208. Kevin Taylor of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  209. Larry Tarleton of Wells Fargo Clearing Services, LLC
  210. Lester Dennis of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  211. Marcus Boggs formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  212. Maria Solanet of Insigneo Securities LLC
  213. Mark Yadron of Kestra Investment Services, LLC
  214. Mark Ogren of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  215. Martin Shandling of Morgan Stanley
  216. Matthew Eckenrode of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  217. McFaddin Moise, III of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  218. Michael Bates of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  219. Michael Goodworth of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  220. Michael Swenson formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  221. Nicole Falciano of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  222. Omar Khalil of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  223. Paul Platek of UBS Financial Services Inc.
  224. Peter Ianace formerly with Wells Fargo Clearing Services, LLC
  225. Randall Minas of Stifel, Nicolaus & Company, Incorporated
  226. Reese Gneiting of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  227. Robert Gallo of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  228. Robert Putz, Jr. of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  229. Ross Berman formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  230. Ryan Raskin formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  231. Ryan Taleghani of Morgan Stanley
  232. Sameera Gupta of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  233. Samuel Coquillard formerly with Pacific Global Fund Distributors, Inc.
  234. Sean Keenan of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  235. Shawn Porter formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  236. Stacey Archbell of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  237. Stephen Brown formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  238. Steven Davidson of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  239. Susan Naylor of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  240. Thomas Moore of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  241. Vincent Lewis formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  242. Wesley Jones of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  243. Wilber Aguirre of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  244. William Keeney of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  245. William Lewis of Wells Fargo Advisors Financial Network, LLC
  246. George Cairnes of Wells Fargo Clearing Services, LLC
  247. David Donovan of Morgan Stanley
  248. Fernando de la Vega of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  249. Maria Gasparro of UBS Financial Services Inc.
  250. Justin Gillham of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  251. Alan Mann of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  252. Albert Crimaldi of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  253. Alex Mathis of Western International Securities, Inc.
  254. Alfonso Boneta of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  255. Andres Alminana of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  256. Joe Celotto Jr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  257. John Forster of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  258. Matthew Barr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  259. Edward Rakosky of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  260. Ronald Coltrane Jr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  261. Sally Ann Weger of Morgan Stanley
  262. Joshua Slocum formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  263. Richard Beckert of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  264. Thomas Murphy formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  265. Harold Reinstein of First Republic Securities Company, LLC
  266. Elan Sanker formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated
  267. Michael Schmidt, Jr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  268. Lei Shan of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  269. Matthew Barr of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  270. Kevin Dery of Wells Fargo Advisors Financial Network, LLC
  271.  Craig Kapp of Fidelity Brokerage Services LLC
  272. John Klaasen, IV of UBS Financial Services Inc.
  273. Spencer Miller of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  274. Timothy Calabrese of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  275. Fernando De La Vega of Merrill Lynch, Pierce Fenner & Smith Incorporated
  276. Michael Persinski of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  277. Stephen Medina of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  278. Quan Luu of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  279. Aubrey Lee, Jr. of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  280. David Gilchrist of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  281. Jason Genovese of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  282. Angel Ferrer of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  283. Daniel Ellison of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  284. Robert Bolber of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  285. Harry Zwick of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  286. Alicia Gutierrez of Safra Securities LLC
  287. Kevin Rice of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  288. Brian Sharp of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  289. Aaron Ungerer of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  290. Joseph Carrano of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  291. Brian Mariash of UBS Financial Services Inc.
  292. Dustin Smith of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  293. Clarisse Tur of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  294. Marcus Laube of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  295. John Jacobs III of Merrill Lynch, Pierce, Fenner & Smith Incorporated
  296. Royce Makishima Formerly With Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  297. Nicole Behrens of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  298. Teena Bourque of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  299. Christopher Geraci of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  300. Ronald Kummerer Jr of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  301. Ariana Olive of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  302. Jennifer Oprinski of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  303. Gregory Suzio of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  304. Patrick Riley of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  305. James Viktora formerly withMerrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  306. Margarita Figueroa Of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  307. Neelab Hakami Of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  308. Richard Hogan Formerly With Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  309. Timothy Kent Of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  310. Pedro Suau-Sanchidrian of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  311. Joseph Tartaglini, Jr. Of J.P. Morgan Securities LLC Reviews
  312. Rebecca Thomas formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  313. Di Jin Of Merrill Lynch Pierce Fenner & Smith Incorporated Reviews
  314. Abelardo Riera of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews
  315. Gregory Whelan of Merrill Lynch, Pierce, Fenner & Smith Incorporated Reviews

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.

Get A Free Consultation

or, give us a ring at (800) 732-2889.

Robert Pearce

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.

Author Photo

Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

Rate this Post

1 Star2 Stars3 Stars4 Stars5 Stars
Loading...