DID BILLY WAYNE ALLEN CAUSE YOU INVESTMENT LOSSES?
Billy Allen Formerly With Legend Equities And Merrill Lynch Pierce Fenner & Smith Has A Customer Complaint For Alleged Broker Misconduct
Who is Billy Allen formerly with Legend Equities?
Billy Allen (CRD #5515997) who was formerly registered with Legend Equities and located in Bentonville, Arkansas is a subject of one of our many securities industry sales practice abuse investigations. Prior to Legend Equities, Billy Allen was associated with Merrill Lynch Pierce Fenner & Smith and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.
Billy Allen has had his own regulatory problems. In 2016, he consented to the sanction and to the entry of findings that he failed to appear for a FINRA on-the-record testimony in connection with an investigation into his solicitation and acceptance of loans from customers. As a result, he was permanently barred from any further association with any member firm in the securities industry in any capacity.
Billy Allen Customer Complaint
Billy Allen has been the subject of at least one customer complaint that we know about. The allegations made in the FINRA reported customer complaint for investment losses were Billy Allen informed him there would be no costs (taxes, fees, etc.) to liquidate investments to purchase Lord Abbett Funds, but subsequently received a notice from the IRS that he owed a substantial tax liability. Billy Allen’s customer complaint was denied and, to date, the customer has not taken any further action.
Billy Allen Red Flags & Your Rights As An Investor
Of course, Billy Allen did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Billy Allen at Legend Equities and Merrill Lynch Pierce Fenner & Smith on alert to review carefully the activity and performance of their accounts and question whether Billy Allen has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Legend Equities and Merrill Lynch Pierce Fenner & Smith also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At Legend Equities Due To Billy Allen
If you have questions about Legend Equities, Merrill Lynch Pierce Fenner & Smith, and/or Billy Allen and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.