{"id":6732,"date":"2018-12-14T15:13:30","date_gmt":"2018-12-14T21:13:30","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6732"},"modified":"2018-12-14T15:13:30","modified_gmt":"2018-12-14T21:13:30","slug":"merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/","title":{"rendered":"Merrill Lynch to Pay $300K to Settle Inadequate Supervision Allegations"},"content":{"rendered":"<p>\t\t\t\tThe <a href=\"http:\/\/www.finra.org\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Industry Regulatory Authority (FINRA)<\/a> is ordering <a href=\"https:\/\/www.investorlawyers.com\/investor-claims\/brokerage-firm-misconduct\/merrill-lynch\/\">Merrill Lynch <\/a>to pay $300K after finding that it did not properly supervise former broker Eva Weinberg, who went to prison for defrauding former NFL football player Dwight Freeney. Merrill, which is now a wholly-owned Bank of America (BAC) subsidiary, consented to the fine and censure imposed for not properly investigating and overseeing Weinberg even after the firm had internally flagged three of her emails and a $1.7M default judgment had been rendered against her in a civil case. (It should be noted that this case is not listed on her <a href=\"https:\/\/brokercheck.finra.org\/individual\/summary\/1767814\" target=\"_blank\" rel=\"noopener noreferrer\">BrokerCheck record<\/a> but was reported by <em><a href=\"https:\/\/www.investmentnews.com\" target=\"_blank\" rel=\"noopener noreferrer\">InvestmentNews<\/a><\/em>.)<\/p>\n<p>What Weinberg\u2019s BrokerCheck record does state is that she began working in the industry in 1988, but then in 2004 she took several years away to work at a real estate company owned by a man named Michael Stern, who is also now in prison for defrauding Freeney. Even before Freeney, however, Stern already had a criminal record.<\/p>\n<p>FINRA said that when Weinberg applied to Merrill for employment in 2009, she did not mention the years she had spent working for Stern. The broker-dealer went on to hire her in their Miami office where she worked with professional athletes, including Freeney. She is the one who introduced the former NFL player to Stern.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/\"  title=\"Continue Reading Merrill Lynch to Pay $300K to Settle Inadequate Supervision Allegations\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Industry Regulatory Authority (FINRA) is ordering Merrill Lynch to pay $300K after finding that it did not properly supervise former broker Eva Weinberg, who went to prison for defrauding former NFL football player Dwight Freeney. Merrill, which is now a wholly-owned Bank of America (BAC) subsidiary, consented to the fine and censure imposed [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6735,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3762,3739,3776,3777],"tags":[3234,3093],"class_list":["post-6732","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-current-investigations","category-finra","category-finra-settlements","category-inadequate-supervision","tag-eva-weinberg","tag-merrill-lynch"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Merrill Lynch to Pay $300K to Settle Inadequate Supervision Allegations &#8212; Investor Lawyers Blog &#8212; December 14, 2018<\/title>\n<meta name=\"description\" content=\"FINRA is ordering Merrill Lynch to pay $300K after finding that it did not properly supervise former broker Eva Weinberg, who went to prison for defrauding former NFL football player Dwight Freeney.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Merrill Lynch to Pay $300K to Settle Inadequate Supervision Allegations &#8212; 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Investor Lawyers Blog &#8212; December 14, 2018","twitter_description":"FINRA is ordering Merrill Lynch to pay $300K after finding that it did not properly supervise former broker Eva Weinberg, who went to prison for defrauding former NFL football player Dwight Freeney.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/12\/merrill-lynch-sign.jpg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Merrill Lynch to Pay $300K to Settle Inadequate Supervision Allegations","datePublished":"2018-12-14T21:13:30+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/"},"wordCount":522,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/12\/merrill-lynch-sign.jpg","keywords":["Eva Weinberg","Merrill Lynch"],"articleSection":["Broker Fraud","Current Investigations","FINRA","FINRA Settlements","Inadequate Supervision"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/","url":"https:\/\/www.investorlawyers.com\/blog\/merrill-lynch-to-pay-300k-to-settle-inadequate-supervision-allegations\/","name":"Merrill Lynch to Pay $300K to Settle Inadequate Supervision Allegations &#8212; 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