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Patrick Foley Barred After Investigation into Accepting Loans from Elderly Client

FINRA barred former Merrill Lynch (Ontario, California) broker Patrick Neal Foley for refusing to cooperate with an investigation into allegations he accepted loans from an elderly Merrill Lynch customer. Merrill Lynch terminated Foley in 2018 based on these same allegations.

AWC #2018057382001 formally announced stockbroker Foley (CRD #6682164)'s permanent bar for refusing to cooperate with FINRA's investigation into the loan-related allegations, while Merrill Lynch's 2018 disclosure indicated Foley was discharged for "conduct including accepting loans from a client."

In his termination, Foley produced a statement in which he tried to explain the nature of the alleged loan: "In Sept 2017, [third party], a family friend since 2002, and a customer at Merrill with me since the previous month, lent Canyon River Dental money for cash flow purposes, due to the embezzlement issues. This loan was made to Canyon River Dental Corp. and not to me."

Foley identified Canyon River Dental as an entity owned by Foley's wife on an outside business activities form, and alleged that another employee at Canyon River Dental had embezzled funds from the corporation.

Despite Foley's comments, Merrill Lynch nonetheless terminated his employment and FINRA barred him after Foley refused to cooperate with the regulator's investigation.

Foley, whose own bankruptcy filing in Riverside was discharged in 2013, the same year he disclosed his association with Canyon River Dental, also worked at Bank of America in Ontario until 2018.

If you have invested with ex-Merrill Lynch registered representative Patrick Neal Foley of San Bernardino County, CA, or with any broker or financial adviser who has improperly accepted from or issued to you a loan or promissory note in contravention of firm policy, and this illicit transaction has proven harmful to your investments or interests, please call our experienced FINRA arbitration attorneys at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.