Merrill terminated 38-year Birmingham, Alabama based Advisor after settling a customer claim for $4.25 million, according to Advisor Hub and FINRA Brokercheck. Merrill fired the advisor for “conduct including making an unsuitable investment strategy recommendation and misrepresentation to a client” tied to an options investment and also for failing “to…
According to Advisor Hub, the Financial Industry Regulatory Authority has censured and imposed a $950,000 fine on Merrill Lynch Wealth Management for allegations that they engaged in ignoring flaws in its fraud detection systems allowed for two of their brokers to steal $6 million from clients. “Merrill’s systems did not…
According to Advisor Hub and other industry news sources the Financial Industry Regulatory Authority levied sanctions against Merrill Lynch and two of its brokers over allegedly early rollovers of Unit Investment Trusts. Miller Stern Lawyers is currently investigating matters pertaining to early rollovers of Unit Investment Trusts and other such…
FINRA’s ongoing campaign to rein in alleged sales abuses involving short-term trading of unit investment trusts in customer accounts has led a 23-year veteran advisor to accept a $10,000 fine and three-month suspension. Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Stifel Nicolaus and all firms and broker…
FINRA fined a small independent broker-dealer in California $35,000 for failing to adequately conduct background investigations on registered reps and for failing to obtain regulatory pre-approval for a seven-month growth spurt, according to Advisor Hub. Infinity Financial Services, an Oakland, CA-based firm founded 13 years ago by a former Merrill…
Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Merrill Lynch and Charles Kenahan and Dermond Cavanaugh who are may be victims of, and suffered damages and losses, due to abuses such as churning, beach of fiduciary duty, overcharging , and unauthorized trading. According to CNBC and other new…
Morgan Stanley terminated around ten brokers following a nationwide probe of alleged abuses in its inherited account program, according to lawyers, firm sources and former managers per advisor Hub. Miller Stern Lawyers – 410-Law-Firm is currently investigating clients of Morgan Stanley who are victims of, and suffered damages and losses,…