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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Former Merrill Lynch Broker Joshua Crossman Fined For Violations

A former Palm Beach Gardens, Florida Merrill Lynch broker, Joshua Crossman, was fined by the Financial Industry Regulatory Authority (FINRA) for “inaccurate business expense reimbursement reports.” Joshua Crossman allegedly submitted a $524 claim for mileage and dinner expenses that he claimed were for meetings with prospective clients. He then admitted that he made up the…

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Former Merrill Lynch Broker Kristen Lewis Barred From Industry

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Merrill Lynch broker Kristen Lewis was barred from the industry. Kristen Lewis failed to appear for an on-the-record testimony, after FINRA investigated her for her “conduct being inconsistent with firm standards related to personal bank accounts.”…

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Options For Whistleblowers: Merrill Lynch

Last month, the U.S. Securities and Exchange Commission (SEC) awarded three whistleblower Merrill Lynch brokers a record $83 million who were tied to a 2016 settlement with Bank of America Corp’s Merrill Lynch’s brokerage unit. This was the biggest ever payout to whistleblowers. Please call our law firm today for a no-cost review if you…

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Jonathan Belden; Merrill Lynch; Oakland, California

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Jonathan Belden, a former registered broker with Merrill Lynch, has violated securities laws. Allegedly, Mr. Belden effected approximately 200 securities transactions in seven customer accounts without written discretionary authority from the customers and without his firm’s knowledge.…

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Merrill Discontinues Efforts to Fight More Than 60 Former Managers in Court

According to advisorhub online, Merrill Lynch has agreed to stop fighting the claims of more than 60 former managers seeking more than $1 billion in the Financial Industry Regulatory Authority (FINRA) arbitration forum. On March 27th, Merrill, according to a spokesperson, dismissed its efforts obtain preliminary injunctions in nine federal district courts that would have…

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Andrew Stoltmann Discusses With On Wall Street…

Andrew Stoltmann discusses with On Wall Street magazine the “revolving door” between regulators and brokerage firms with Merrill Lynch’s hiring of #FINRA’s Susan Axelrod this week. The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no…

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