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Merrill Lynch

Home Category: Merrill Lynch

Securities Fraud Allegations Against Former Merrill Lynch/RBC Financial Adviser Could Lead to More Unauthorized Trading and Failure to Supervise Claims

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Earlier this year, the US Securities and Exchange Commission barred ex-RBC broker Thomas Buck from the industry. The action came less than four months after the regulator filed a civil case accusing Buck of investor fraud. He allegedly made material misrepresentations and omissions to investment advisory clients and certain customers while he was a Merrill…

Strategic Return Notes

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The attorneys at Shepherd Smith Edward & Kantas are investigating the claims of investors who purchased Strategic Return Notes (“SRNs”). Bank of America and Merrill Lynch created Strategic Return Notes, which are an unsecured promissory note issued by Bank of America. Bank of America has no obligation to and will not make any interest payments throughout the…

Securities News: Wells Fargo’s Wealth Management Division is Reportedly Under Investigation, Merrill Lynch is Accused of Gatekeeping Failures Involving Unregistered Securities Sales, and NYSE Must Pay $14M Over Regulatory Failures

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SEC Reportedly Investigating Wells Fargo Over Possible Inappropriate Investment Sales to Wealth Management Clients According to news reports, the US Securities and Exchange Commission is investigating Wells Fargo’s (WFC) Wealth Management unit to see whether its clients were inappropriately sold certain in-house investment services even though these were not in their best interests. A source…

FINRA Cases: Ex-Morgan Stanley Broker and Former Western International Securities Broker Are Barred, Questar Capital Ordered to Pay $797K Restitution Over Mutual Fund Sales, and Morgan Stanley Smith Barney is Accused of Not Sending Millions of Margin Disclosures

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Two Brokers Barred After Not Appearing at FINRA Hearings Guillermo Valladolid, an ex-Morgan Stanley (MS) broker, has been barred by the Financial Industry Regulatory Authority. According to the regulator, Valladolid did not show up at a hearing into whether, according to InvestmentNews, he “sold investments away from his employer” and neglected to disclose certain outside…

FINRA Cases: Ex-LPL Broker is Barred for Not Disclosing Role in Private Securities Transactions, Merrill Lynch is Fined $1.4M For Extended Settlement Transactions, and Noble Capital Markets Agrees to Pay $225K for Failing to Disclose Conflicts to Investors

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Former LPL Broker is Barred For Not Disclosing Private Securities Sales The Financial Industry Regulatory Authority announced a bar against Leslie Koonce, an ex-LPL (LPLA) broker. According to the self-regulatory organization, Koonce lied when he failed to disclose that he had engaged in private securities sales. Koonce allegedly pitched a private company’s convertible promissory notes…

Criminal Securities Fraud: Ex-ARCP CFO Sentenced to 18 Months for REIT Scam, Former Merrill Lynch Broker Pleads Guilty Over Excessive Commissions, and Businessman Convicted For Defrauding Washington Mutual Bank

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Ex-American Reality CFO to Go to Prison for 18 Months In Manhattan, a US District Court Judge has sentenced Brian Block to 18 months behind bars. Block, who was the CFO of American Reality Capital Properties, was found guilty of fraud when he inflated the financial statements of the real estate investment trust. Prosecutors accused…

Criminal Securities Fraud: Ex-ARCP CFO Sentenced to 18 Months for REIT Scam, Former Merrill Lynch Broker Pleads Guilty Over Excessive Commissions, and Businessman Convicted For Defrauding Washington Mutual Bank

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Ex-American Reality CFO to Go to Prison for 18 Months In Manhattan, a US District Court Judge has sentenced Brian Block to 18 months behind bars. Block, who was the CFO of American Reality Capital Properties, was found guilty of fraud when he inflated the financial statements of the real estate investment trust. Prosecutors accused…

Securities Fraud: Former Merrill Lynch Broker Admits to Bilking Banks of More than $8M, Theranos Investors Claim Company Threatened Bankruptcy if Sued, & Arkansas Retirement System’s Pension Fund Agrees to More than $28M Settlement

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Ex-Merrill Lynch Broker Pleads Guilty to Bank Fraud Jeffrey Kluge, a longtime Merrill Lynch broker, has pleaded guilty to defrauding two banks of more than $8.7M. His bank fraud ran from 2001 through November 2016. Kluge’s plea agreement said that he fabricated account statements under Merrill Lynch’s name and pledged fake collateral to the banks…

Securities Fraud: Ex-BB & T Securities is Suspended Over Unauthorized Private Securities Sales, Fired Merrill Lynch Broker is Fined for Accepting Customer Gifts, Louisiana Investment Adviser is Convicted in $9.5M Scheme, & Jury Issues First Criminal Municipal Bond Issuance-Related Conviction

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FINRA Suspends Broker For Accepting $105K in Gifts The Financial Industry Regulatory Authority Inc. has suspended Adam C. Smith from the securities industry for a year. The former Merrill Lynch broker, who was fired from the firm, will pay a $10K fine. According to the self-regulatory organization, while at Merrill Lynch, Smith and his wife…

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