FINRA Suspends Former Merrill Advisor Who Operated Numerous Outside Businesses

Posted on November 30th, 2022 at 4:10 PM
FINRA Suspends Former Merrill Advisor Who Operated Numerous Outside Businesses

The Financial Industry Regulatory Authority (FINRA) has issued a six-month suspension and a $10,000 fine to a former Merrill Lynch advisor after his group of outside businesses violated firm and regulatory policy. 

The Minnesota-based advisor, Christopher Eriksson, allegedly ran three outside businesses without obtaining required approval from Merrill Lynch. According to FINRA, the outside businesses included purchasing a parcel of land in Texas to develop an auto recycling business, two commercial properties that generated rental income and three automobile salvage companies. 

Eriksson additionally violated industry rules by borrowing $350,000 from a Merrill Lynch client without first notifying the firm, even though the loan was paid back in full. However, Eriksson also faces a pending client arbitration filed in 2020 seeking $20 million in damages related to an outside business activity in which the client provided the advisor with a personal loan to purchase real estate, according to BrokerCheck. The client further alleged unsuitable recommendations and excessive trading in options, according to BrokerCheck. The businesses at issue were a few of several approved activities listed on Eriksson’s BrokerCheck profile. Eriksson also lists a vending machine company that he initiated in 1994 as well as an Italian restaurant in Minnetonka, known as Spasso. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

I just wanted to say thanks again for preparing and executing my case in such a professional manner. It was a pleasure to watch two professionals take such pride in their work, as well as becoming personally in tune with your client (Me). I would personally recommend you and your firm to anyone.

John O.

LATEST NEWS AND ARTICLES

September 5, 2025
Merrill Lynch Advisor Faces FINRA Disciplinary Action for Refusing to Cooperate with Investigation

The Financial Industry Regulatory Authority (FINRA) has initiated disciplinary proceedings against former Merrill Lynch broker Ali F. Chehab of Portland, Oregon. According to ThinkAdvisor, FINRA alleges that he refused to cooperate in an investigation into potential misconduct, including unauthorized trading and material misrepresentati...

September 4, 2025
Wells Fargo Ties $2,000 Bonus to Non-Solicitation Clause, Raising Advisor Concerns

Wells Fargo & Co. recently issued a $2,000 bank-wide award to its 215,000 employees, following the Federal Reserve’s June decision to lift its asset growth restrictions.

September 3, 2025
Kansas City Advisory Firms Agree to $25.5 Million Settlement Over No-Poach Allegations

Mariner Wealth Advisors, along with two other Kansas City-area firms, has agreed to a $25.5 million class action settlement over allegations that they illegally agreed not to solicit each other’s advisors.