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…

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…

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…

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…

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…

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.…