Ex-New Hampshire Governor is Suing For Damages
The New Hampshire Bureau of Securities Regulation is looking into allegations brought by the state’s former governor, Craig Benson, who is accusing ex-Merrill Lynch brokers Dermod Cavanaugh and Charles Kenahan of churning his account and causing over $50M in damages that with market adjustments, he claims, is now over $100M. Benson filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against the broker-dealer and the two men.
Merrill Lynch is a Bank of America (BAC) subsidiary. Churning is when a broker makes excessive trades in a customer’s account in order to earn commissions.