Articles Tagged with Merrill Lynch

Bull BearFINRA’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 dealers who may be victims of, and suffered damages and losses, due to abuses such as short-term trading of unit investment trusts, breach of fiduciary duty, overcharging , and unauthorized trading.

cropped-High-Res-TA-2018-2019-284x300FINRA 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 Lynch broker, failed to contact former employers and had no procedures for conducting searches of public records, according to an “acceptance, waiver and consent letter” it signed with Finra.

It hired as many as 16 registered reps over three years through April 2017 without searching their Central Registration Depository records, including five who had pending bankruptcies, judgments and tax liens that Infinity failed to detect, Finra said.

Bull Bear 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 outlets, the State of New Hampshire “is ordering Merrill Lynch to pay $26.25 million in fines and restitution to the state and to an investor, the former Governor of New Hampshire, who claimed he suffered losses at the hands of a former Boston-based broker, to settle allegations including unauthorized and excessive trading”, or what is commonly known as Churning.

This is the largest monetary sanction in New Hampshire history and proportedly the second largest FINRA settlement in at least a decade.

cropped-High-Res-TA-2018-2019-284x300Morgan 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, due to these abuses.

The investigation was prompted by complaints about underpayments from at least one retired broker who entered the Former Advisor Program (FAP), a so-called sunsetting plan that Morgan Stanley and other large firms have promoted heavily in an attempt to keep older brokers from joining other firms and taking clients with them.

according the the article, the programs allow older brokers to receive a split of fees and commissions paid by former clients for several years if the brokers let their practices lapse after they leave.

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