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Recent Posts in Merrill Lynch Category

30 results found. Viewing page 1 of 2. Go to page 1 2   Next

Michael Scott Livermore Sanctioned for Failing to Report Felonies

Michael Scott Livermore's 23-year career with Merrill Lynch in Stockton, California came to an abrupt end earlier this year when the firm discharged him for failing to timely disclose reportable ...
Continue reading "Michael Scott Livermore Sanctioned for Failing to Report Felonies" »

Merrill Lynch to Pay $8.9 Million to SEC for Failing to Disclose Conflict of Interest

The SEC censured Merrill Lynch and ordered the firm pay $8.9 million in fines, disgorgment and penalties after finding the firm violated the Advisers Act by failing to disclose a key conflict of ...
Continue reading "Merrill Lynch to Pay $8.9 Million to SEC for Failing to Disclose Conflict of Interest" »

Banks and Brokers Recommending Risky Reverse Convertibles to Combat Volatility Despite Prior Discipline

Though one might think banks and brokerages would choose simplicity in the wake of February's volatility-induced panic when uninformed brokers took on too much risk, it turns out the market for ...
Continue reading "Banks and Brokers Recommending Risky Reverse Convertibles to Combat Volatility Despite Prior Discipline" »

Merrill Lynch Broker Jonathan Belden Fined & Suspended for Unauthorized Use of Discretion, Trading Restricted Security

FINRA suspended Jonathan Russell Belden, formerly a broker at Merrill Lynch's Oakland branch, for effecting at least 200 discretionary trades in client accounts without written permission to do ...
Continue reading "Merrill Lynch Broker Jonathan Belden Fined & Suspended for Unauthorized Use of Discretion, Trading Restricted Security" »

Saddled with Settlements, Kevin Yang Sanctioned for Unauthorized Discretion at Morgan Stanley

FINRA fined and suspended Kevin Chiagan Yang, formerly of Morgan Stanley's Pasadena, CA branch, for exercising discretion without written authorization. The disciplinary action follows several ...
Continue reading "Saddled with Settlements, Kevin Yang Sanctioned for Unauthorized Discretion at Morgan Stanley" »

Merrill Lynch Fires Christopher Hibbard after Investigation Uncovers Alleged Theft

Merrill Lynch terminated broker Christopher Lee Hibbard following a customer complaint alleging unauthorized transactions and theft related to variable annuities and money market funds. According to ...
Continue reading "Merrill Lynch Fires Christopher Hibbard after Investigation Uncovers Alleged Theft" »

Guilty of Fraudulent Scheming to Overcharge Clients, SEC Bars Ex-Merrill Lynch Rep Thomas J. Buck

SEC officials barred former Merrill Lynch and RBC Capital broker Thomas Joseph Buck, who pleaded guilty to overcharging clients in October and was previously barred by FINRA in 2015. The SEC in ...
Continue reading "Guilty of Fraudulent Scheming to Overcharge Clients, SEC Bars Ex-Merrill Lynch Rep Thomas J. Buck" »

Ameriprise's Lorene Fairbanks Sanctioned for Unauthorized Loan from Customer, Violative Text Messages

FINRA fined and suspended former Ameriprise Financial Services representative Lorene Fairbanks aka Lorene Fairbanks Miller for improperly borrowing money from a client, and for exchanging business ...
Continue reading "Ameriprise's Lorene Fairbanks Sanctioned for Unauthorized Loan from Customer, Violative Text Messages" »

Punished by California Bureau of Real Estate, Guillermo Valladolid Barred for Undisclosed Outside Business Activity

FINRA barred former Morgan Stanley broker Guillermo William Valladolid after he refused to provide requested information to investigators as they were investigating allegations that he improperly sold ...
Continue reading "Punished by California Bureau of Real Estate, Guillermo Valladolid Barred for Undisclosed Outside Business Activity" »

Goldman Sachs Structured Products, Reverse Convertibles, Suitability, and the Fiduciary Rule

Structured products, including reverse convertibles—fee-based, fixed income products—can pose supervisory challenges for firms. When it comes to matters of suitability, as evidenced by a ...
Continue reading "Goldman Sachs Structured Products, Reverse Convertibles, Suitability, and the Fiduciary Rule" »

Merrill Lynch Continues Choice-of-Law Provisions Despite of Industry Discipline and Admonishment

For over two decades, Merrill Lynch has attempted to limit customer rights and/or evade state laws best suited toward consumer protection through using choice-of-law provisions, inserted in customer ...
Continue reading "Merrill Lynch Continues Choice-of-Law Provisions Despite of Industry Discipline and Admonishment" »

NASAA Identifies Notes, Real Estate, Ponzi, Oil and Gas, Affinity Fraud, and Variable Annuities as Biggest Investor Threats

The North American Securities Administrations Association (NASAA) announced the top threats to investors, identifying the most frequent sources of current investor complaints or industry ...
Continue reading "NASAA Identifies Notes, Real Estate, Ponzi, Oil and Gas, Affinity Fraud, and Variable Annuities as Biggest Investor Threats" »

Linn Energy MLP (NASDAQ Symbol: LINE) Was Risky and Costly

The oil-and-gas Master Limited Partnership (MLP) Linn Energy (NASDAQ: LINE) plunged its investors further into financial peril with a 2016 Chapter 11 Bankruptcy filing, while a Bankruptcy Court this ...
Continue reading "Linn Energy MLP (NASDAQ Symbol: LINE) Was Risky and Costly" »

After $2.4 Million Suit Alleging Elder Abuse, FINRA Bars James Schaedler Following $200k Gift Investigation

FINRA barred former Wells Fargo Clearing (Anaheim, CA) representative James Robert Schaedler, Jr. after he failed to cooperate with an investigation into allegations that he inappropriately became the ...
Continue reading "After $2.4 Million Suit Alleging Elder Abuse, FINRA Bars James Schaedler Following $200k Gift Investigation" »

Ex-Merrill Lynch Broker Alec Rivera Pleads Guilty to $1 Million Theft from Clients

Former Merrill Lynch broker Alec J Rivera entered a guilty plea to charges of wire fraud for transferring over $1 million out of clients' investment accounts without their knowledge or consent. ...
Continue reading "Ex-Merrill Lynch Broker Alec Rivera Pleads Guilty to $1 Million Theft from Clients" »

Merrill Lynch to Pay $7 Million in Fines & Restitution for Inadequate Supervision of Leverage Use in Customer Accounts

FINRA fined Merrill Lynch $6.25 million and ordered the firm to pay an additional $780,000—totaling over $7 million in penalties—for inadequate supervision of its customer's use of ...
Continue reading "Merrill Lynch to Pay $7 Million in Fines & Restitution for Inadequate Supervision of Leverage Use in Customer Accounts" »

Ex-Merrill Lynch Broker John Arnold Sanctioned After His False Statements, Procedural Failures Allow Fraudster to Steal $127,200

FINRA suspended broker John Joseph Arnold, formerly of Merrill Lynch's Newport Beach, CA branch, and fined him $15,000 for failing to verify the identity of a customer prior to executing a wire ...
Continue reading "Ex-Merrill Lynch Broker John Arnold Sanctioned After His False Statements, Procedural Failures Allow Fraudster to Steal $127,200" »

Merrill Lynch to Pay $415 Million in SEC Order for Misusing Customer Cash, in Addition to $5 Million FINRA order for Materially Misleading Investors

Merrill Lynch agreed to pay $415 million and admit wrongdoing after an SEC investigation found the firm misused customer cash to generate profits, and collaterally put customer securities at risk by ...
Continue reading "Merrill Lynch to Pay $415 Million in SEC Order for Misusing Customer Cash, in Addition to $5 Million FINRA order for Materially Misleading Investors" »

Merrill Lynch Fined $5 Million for Failure to Disclose Material Facts, Costs in Structured Note Sales

FINRA fined Merrill Lynch, Pierce, Fenner & Smith, Inc. $5 million for what it deems were "negligent disclosure failures" related to the firm's sales of five-year senior debt notes. ...
Continue reading "Merrill Lynch Fined $5 Million for Failure to Disclose Material Facts, Costs in Structured Note Sales" »

Ex-Billion-Dollar Merrill Lynch, RBC Broker Thomas J. Buck Barred for Overcharging and Misleading Clients, Fraud

FINRA barred former Merrill Lynch and RBC Capital broker Thomas Joseph Buck for misleading and overcharging clients from 2009-2015 while he was associated with Merrill Lynch, thus willfully committing ...
Continue reading "Ex-Billion-Dollar Merrill Lynch, RBC Broker Thomas J. Buck Barred for Overcharging and Misleading Clients, Fraud" »

Merill Lynch Fires Senior VP Marc D Lowe of the $2.5 Billion Vilardo, Lowe & Associates Team for "Inappropriate Workplace Behavior"

Brokerage firm Merrill Lynch dismissed Los Angeles Senior Vice President Marc D Lowe, who as a broker oversaw $2.5 billion in client assets in Southern California for what the firm is categorizing as ...
Continue reading "Merill Lynch Fires Senior VP Marc D Lowe of the $2.5 Billion Vilardo, Lowe & Associates Team for "Inappropriate Workplace Behavior"" »

Misappropriation Nets Broker Roderick Yzaguirre 10 Disclosures in 2 Months, Over $3.3 Million in Damages

After voluntarily resigning from the Ontario, California branch of Merrill Lynch with "employment separation after allegations" disclosure, SoCal broker Roderick Yzaguirre accumulated a ...
Continue reading "Misappropriation Nets Broker Roderick Yzaguirre 10 Disclosures in 2 Months, Over $3.3 Million in Damages" »

Michael Richard Crow Fined and Suspended for Unauthorized Use of Discretion

FINRA fined and suspended former Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Michael Richard Crow of San Jose, California for the unauthorized use of discretion in non-discretionary ...
Continue reading "Michael Richard Crow Fined and Suspended for Unauthorized Use of Discretion" »

Merrill Lynch Fined $175k for Failing to Timely Report Complaints of Defrauding Adviser Who Escaped to LPL

FINRA fined Banc of America Corp.'s Merrill Lynch for taking too long to report 1200 required filings to FINRA, including two customer complaints of misappropriation against financial adviser Greg ...
Continue reading "Merrill Lynch Fined $175k for Failing to Timely Report Complaints of Defrauding Adviser Who Escaped to LPL" »

Merrill Lynch Fined $6 Million for Short Sale Violations and Supervisory Failures

FINRA fined Merrill Lynch Professional Clearing Corp. $3.5 million for violating SEC rules regarding short sales and affiliated broker-dealer Merrill Lynch, Pierce, Fenner & Smith Incorporated ...
Continue reading "Merrill Lynch Fined $6 Million for Short Sale Violations and Supervisory Failures" »
30 results found. Viewing page 1 of 2. Go to page 1 2   Next
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