{"id":1545,"date":"2014-11-10T19:07:53","date_gmt":"2014-11-10T19:07:53","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/11\/two_former_merrill_lynch_broke"},"modified":"2022-03-11T13:33:55","modified_gmt":"2022-03-11T19:33:55","slug":"two-former-merrill-lynch-broke","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/two-former-merrill-lynch-broke\/","title":{"rendered":"Two Former Merrill Lynch Brokers Contend with Unauthorized Trading Claims"},"content":{"rendered":"

\t\t\t\tAccording to the Financial Industry Regulatory Authority (FINRA), Ameriprise Financial (AMP) broker Lorene Fairbanks, formerly with Merrill Lynch. Pierce, Fenner & Smith Incorporated<\/a>, was recently sanctioned over allegations that she effected over 57 discretionary transactions for several customers without getting the required written authorization from the clients or the approval of the firm. Fairbanks also allegedly mismarked over 50 order tickets, noting them as “unsolicited” when they were “solicited” orders. Brokers are not allowed to exercise discretionary authority in a client account without written authorization. <\/p>\n

The Ohio broker was registered with Merrill Lynch from 8\/06 to 3\/12. The firm fired Fairbanks in February 2012 for purportedly taking discretion in client accounts and mismarking customer orders. She has been associated with Ameriprise since June 2012. There also have reportedly been other customer complaints accusing Fairbanks of excessive trading and unsuitable trading.<\/p>\n

Also sanctioned by FINRA for allegations of unauthorized trading is George Zaki, another ex-Merrill Lynch broker. The self-regulatory organization contends that Zaki implemented or executed about 3,600 trades in some 80 accounts without written customer authorization between 6\/10 and 8\/12. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

According to the Financial Industry Regulatory Authority (FINRA), Ameriprise Financial (AMP) broker Lorene Fairbanks, formerly with Merrill Lynch. Pierce, Fenner & Smith Incorporated, was recently sanctioned over allegations that she effected over 57 discretionary transactions for several customers without getting the required written authorization from the clients or the approval of the firm. Fairbanks also […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3752,3739,3800],"tags":[],"class_list":["post-1545","post","type-post","status-publish","format-standard","hentry","category-broker-fraud","category-financial-firms","category-finra","category-merrill-lynch"],"yoast_head":"\nTwo Former Merrill Lynch Brokers Contend with Unauthorized Trading Claims — Investor Lawyers Blog — November 10, 2014<\/title>\n<meta name=\"description\" content=\"According to the Financial Industry Regulatory Authority (FINRA), Ameriprise Financial (AMP) broker Lorene Fairbanks, formerly with Merrill Lynch. 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