Articles Tagged with failure to supervise

cropped-High-Res-TA-2018-2019-284x300According 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 practices. According to the reports from Finra, it finalized its sanctions against Merrill, and accepted a settlement letter from a 30-year Merrill veteran in Chattanooga, Tennessee, and another from a 35-year industry veteran in Charlotte, North Carolina.

According to the regulators information, including CRD information, both the brokers, Kelly Wayne Feehrer in Tennessee and Scott R. Mathews, who joined Merrill in 2009, agreed to three-month suspensions and $5,000 in fines for allegedly unsuitable UIT switch recommendations.

Bull BearMiller Stern Lawyers – 410-Law-Firm is currently investigating for clients of former Morgan Stanley broker Barry F. Connell and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such fraud, mutual fund abuses, unsuitable mutual fund investments and failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading.

Securities and Exchange Commission closed its case against a former Morgan Stanley broker who served prison time, barring him from the securities industry after ensuring that he has repaid more than $5.1 million stolen from customers, according to FINRA.

Connell pled guilty in December 2018 to stealing the money between 2015 and 2016, spending the $5 million to support his “lavish lifestyle,” according to the SEC. He perpetrated the fraud by moving funds among client accounts and using falsified wire transfer forms and checks.

Bull BearMiller Stern Lawyers – 410-Law-Firm is currently investigating clients of  Ex Ameriprise Broker Angel Bardeche CRD4698117 and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such as flipping “A” Shares, mutual fund abuses, unsuitable mutual fund investments and failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading.

Financial Industry Regulatory Authority has fined and suspended a former Ameriprise Financial broker in Cincinnati, Ohio, who allegedly generated $450,000 in commissions from unsuitable mutual fund switches over two years, according to FINRA and Advisor Hub.  Ms. Bardeche agreed to a nine-month suspension and $10,000 fine as well as $5,000 in disgorgement to resolve Finra’s allegations of costly mutual fund trading, according to a letter of settlement.

Between January 2017 and March 2019, Bardeche recommended 112 short-term ‘switches’ of Class A mutual funds in 32 customer accounts, Finra said. Class A funds carry large up-front sales charges and “are generally only suitable as long-term investments.”

Bull BearMiller Stern Lawyers – 410-Law-Firm is currently investigating clients of Transamerica and all firms and broker dealers who may be victims of, and suffered damages and losses, due to abuses such as failure to supervise, breach of fiduciary duty, overcharging , and unauthorized trading.

As posted from FINRA.ORG

“Firm Ordered to Pay $4.4 Million in Restitution to Approximately 2,400 Affected Customers

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