91视频下载链接

Merrill Lynch Advisor Sanctioned for Unauthorized Trading

Posted on March 24th, 2025 at 2:58 PM
Merrill Lynch Advisor Sanctioned for Unauthorized Trading

From the desk of Jim Eccleston at 91视频下载链接

FINRA has fined a former Merrill Lynch advisor $5,000 and suspended the advisor for 30 days for executing unauthorized trades in client accounts. AdvisorHub reports that the advisor accepted the sanctions without admitting or denying FINRA’s findings.

The settlement agreement, known as an Acceptance, Waiver, and Consent (“AWC”), reflects that the advisor placed 204 unauthorized trades across four customer accounts, three of which belonged to senior investors. Although the advisor discussed investment strategies with the clients, FINRA found that the advisor failed to obtain the required written authorization for non-discretionary accounts. Those actions violated FINRA’s prohibition on unauthorized trading as well as Rule 2010, which requires advisors to uphold high ethical standards.

AdvisorHub reports that the disciplinary action stemmed from a FINRA “cause examination,” an investigation triggered by a complaint or tip.

Since 2022, the advisor has faced nearly two dozen customer complaints, many related to allegations of unsuitable or unauthorized options trading. Merrill Lynch denied 10 of the claims but paid approximately $2.1 million in settlements on 12 others, out of a total of $4.75 million in damages requested.

 

91视频下载链接 LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call 91视频下载链接, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

May 8, 2025
All 50 States Now Aligned on Annuity Sales Standards

The annuity industry officially has secured uniformity in sales regulations across all 50 states.

May 7, 2025
Jury Finds Investment Advisor Liable for Failing to Disclose Annuity Commissions

A federal jury in Massachusetts has found investment adviser Jeffrey Cutter and his firm, Cutter Financial Group, liable for violating federal securities law by failing to disclose significant upfront commissions and conflicts of interest related to an annuity replacement scheme.

May 6, 2025
SEC Charges Three Individuals in $284 Million Arizona Sports Complex Bond Fraud by Legacy Cares

The Securities and Exchange Commission has filed a civil enforcement action against Randall “Randy” Miller, Chad Miller, and Jeffrey De Laveaga for allegedly defrauding investors in two municipal bond offerings that raised $284 million.