$10,000,000 Arbitration Claim Filed Against Merrill Lynch and Broker Hector Gonzalez

Merrill Lynch broker Hector J. Gonzalez has been accused of making unsuitable investment recommendations and misrepresentation of a customer’s foreign-debt investments. The customer has requested $10,000,000 in damages, according to publicly available records with the Financial Industry Regulatory Authority (FINRA). Other customers have filed claims against Gonzalez stating that their investments in Puerto Rico municipal…

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Merrill and Former Brokers: Firm Will Let Brokers Notify Customers If They Move

According to an advisorhub article online, former brokers of Merrill Lynch were forced to return client contact information that Merill claimed was obtained in violations of their employment contracts and privacy laws. Merrill also agreed to permit the brokers to announce their move to Stratos in a “tombstone letter” to clients serviced by the former…

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Former Merrill Lynch Broker Warren Scroggie Accused of Churning Violations

Stoltmann Law Offices is investigating Ocala, Florida-based Merrill Lynch broker Warren Scroggie. Scroggie was accused of failing to follow instructions, recommending an unsuitable variable annuity, recommending unsuitable mutual funds, making unsuitable purchases, and churning. Churning, also sometimes referred to as “excessive trading,” is a particularly egregious violation of securities laws and internal firm rules. When…

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Update For Victims of Andrew LeBlanc II

Merrill Lynch has agreed to pay hip-hop music producer Timbaland $2.25 million to settle allegations of “selling away” and unsuitable investment recommendations. Timbaland, aka Timothy Mosley, filed an arbitration claim last year seeking $8 million in damages from Merrill for allowing his former broker, Andrew LeBlanc II to sell investments outside of the firm’s supervision,…

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Former Merrill Lynch Broker John James Barred from Industry By FINRA

According to publicly available records with the Financial Industry Regulatory Authority (FINRA), former Merrill Lynch broker John James was barred from the securities industry. He allegedly engaged in outside business activities, private investments and borrowed money from clients without disclosing these activities to his firm. In September 2016, James was discharged from Stifel Nicolaus for…

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Former Merrill Lynch Broker Giustino Destefano Suspended from Industry

Former Merrill Lynch broker Guistino Destefano has been suspended from the industry by the Financial Industry Regulatory Authority (FINRA). Destefano was sanctioned by FINRA for various violations of securities laws. Destefano has been subject to six customer complaints concerning unauthorized trades and unsuitable investments, one of which is still pending. In May 2014, Destefano resigned…

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Merrill Lynch Misled Customers About Trading Venues: What You Can Do

The Securities and Exchange Commission (SEC) charged Merrill Lynch yesterday with misleading customers about how it handled their orders. Allegedly, Merrill Lynch “falsely informed customers that it had executed millions of orders internally when it actually had routed them for execution at other broker-dealers, including proprietary trading firms and wholesale market makers. Merrill Lynch called…

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Merrill Lynch Broker Ellis Luken Has Customer Complaints

West Conshohocken, Pennsylvania-based Merrill Lynch broker Ellis Luken has customer complaints against him. Allegedly, Mr. Luken recommended unsuitable investments, misrepresented investments, and may have caused unsuitable and excessive transactions to be executed in an account. One customer who claims Ellis Luken recommended unsuitable investments from 2008 until 2017, is seeking $250,000 in damages. The complaint…

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