Have You Ever Been A Customer of Former Merrill Lynch Broker Greg Whelan? If You Suffered Portfolio Losses During That Time, Contact Our Stockbroker Negligence Law Firm
The Shepherd Smith Edwards and Kantas Stockbroker Negligence Law Firm (investorlawyers.com) is investigating claims of portfolio losses by current or former customers of Fort Lauderdale, Florida, broker Greg Whelan, who is now with Kovack Securities.
He was a Merrill Lynch, Pierce, Fenner & Smith financial advisor from 2013 to 2025 but voluntarily resigned from that firm following allegations of selling away, conflict of interest, and more. According to Greg Whelan’s CRD, he has worked for 16 years in the industry.
What Is Selling Away?
This is when a financial advisor markets or sells an investment that was not approved by their firm of record. While there are some instances when an unapproved financial product can be sold with the broker-dealer’s consent, this must be sought out before the transaction can happen. Otherwise, selling away may be grounds for an investor lawsuit if portfolio losses occur.
Unapproved selling away can happen because a financial advisor might want to get around their broker-dealer’s supervisory procedures and checks, especially if it is an unregistered investment or one that is extremely high risk that they are trying to sell. The broker also might want to earn commissions from a product that the firm has not yet vetted.
The selling away of investments that were not approved can lead to serious portfolio losses.
Former customers of Greg Whelan have already filed at least two FINRA lawsuits. This includes a selling away claim that concluded with a $3.5M settlement. The customer also alleged unsuitable investments and misrepresentations. Another investment loss recovery case, brought in 2021, was settled for $100K.
Whelan has also been accused of using unauthorized communication forums, including WhatsApp and text messages, to communicate with customers. Some clients reportedly had investments that did not appear on their Merrill Lynch statements.
How Can Our Stockbroker Negligence Law Firm Help?
Shepherd Smith Edwards and Kantas represents the victims of selling away by their broker or financial advisor. We know how to assess whether this is what happened, how to determine whether other kinds of stockbroker misconduct or negligence occurred, and whether you have grounds for an investor claim.
Over the decades, we have represented many thousands of investors in arbitration, mediation, and litigation. Our securities firm has helped more than 90% secure full or partial financial recovery.
Even if your broker-dealer had no idea selling away was occurring, you still may be able to hold them liable for your losses, especially if they disregarded red flags (or failed to identify any) indicating something was amiss.
Call our Stockbroker Negligence Law Firm at (800) 259-9010 or contact us online.