Articles Tagged with Merrill Lynch

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.

Bull BearMiller Stern Lawyers – 410-Law-Firm is currently investigating clients of former Merrill Lynch broker Andrew LeBlanc, II for selling away. among other things and suffered damages and losses to their financial holdings.

According to Advisor Hub, former Merrill Lynch broker in New York has agreed to a six-month suspension and $20,000 fine for allegedly helping three customers make outside investments without firm approval, according to a settlement issued by the Financial Industry Regulatory Authority.

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