Former Merrill Lynch Financial Advisor Has Been Named in Nine Customer Disputes
Peter Edward Eckerline, a longtime Merrill Lynch broker who spent his entire 37 years industry with the firm until August 2021, has been named in nine customer disputes by claimants. These claimants are seeking to recover damages for losses they sustained.
Eckerline, who worked out of Wayzata, Minnesota for Merrill Lynch Wealth Management, is no longer a registered broker or investment advisor.
Our broker misconduct lawyers are looking into claims of investment losses sustained by customers of Merrill Lynch financial advisors. Contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.
Customer Disputes Involving Ex-Merrill Lynch Broker Claim Unsuitability and Broker Misconduct
There are nine Financial Industry Regulatory Authority (FINRA) claims and customer disputes listed on Peter Eckerline’s BrokerCheck record that was filed over the past 20 years:
- 6/2021: This is a still-pending claim. The customer contends that Eckerline did not act in their best interests, especially when it came to asset allocation and fee structure. Both of which can affect an investors’ earnings.
- 6/2021: Another customer dispute dated the same as the one above making similar allegations was denied.
- 3/2016: Alleging unsuitable investment recommendations, this customer agreed to a $275K settlement. It is important that a broker only recommend an investment product or strategy that is suitable for the client according to their investment objectives, risk tolerance level, and other key factors.
- 6/2012: This dispute, accusing Eckerline of failing to follow instructions, was denied.
- 6/2012: Contending that misrepresentations and omissions were made involving unsuitable investments, the claimant arrived at a $64,500 settlement with Merrill Lynch.
- 10/2011: Making similar allegations of unsuitability, misrepresentations, and omissions, this customer settled for $295K.
- 10/2010: Also alleging unsuitability and misrepresentations, the customer received an over $87K settlement.
- 12/2009: This unsuitability case seeking $180K in damages was closed due to a lack of action.
- 10/2001: Merrill Lynch settled this unsuitability case for nearly $10K.
Broker-Dealers and Failure to Supervise
Brokerage firms must properly supervise their financial advisors and their activities in customers’ accounts. They also should take notice when a registered broker starts to build a record of customer disputes alleging losses.
If you believe that Merrill Lynch failed to supervise Peter Eckerline while you were his customer or any other registered representative with the broker-dealer, we urge you to seek legal advice. Many investors have successfully filed FINRA arbitration claims against brokerage firms that failed in their duty of monitoring and supervising the actions of brokers.
Our securities fraud attorneys have spent over thirty years going after the largest broker-dealers on Wall Street on behalf of investors in the United States and aboard. Call SSEK Law Firm at (800) 259-9010 today.