Arbitrators Clear Former Merrill Advisor Of Former Partner’s Misconduct

Posted on April 28th, 2022 at 1:23 PM
Arbitrators Clear Former Merrill Advisor Of Former Partner’s Misconduct

From the Desk of Jim Eccleston at Eccleston Law:

A former Kentucky-based Merrill advisor will have his record cleared of an investor complaint pertaining to the conduct of his former partner who was convicted of theft, according to a Financial Industry Regulatory Authority (FINRA) arbitration award. 

Patrick Strehl, who now works at Stifel, Nicolaus & Co. in Louisville, was “not involved in the alleged embezzlement of funds” from an investor’s account, according to the arbitrators who authorized the expungement. Strehl’s former partner, Christopher Hibbard, received an eight-year prison sentence for embezzling funds from several client accounts. 

According to federal prosecutors, Hibbard embezzled at least $4.2 million between 2007 and 2017. The investor initially filed the claim in 2019 alleging breach of contract and fiduciary duty as well as constructive fraud while seeking $2.5 million in damages. According to BrokerCheck, Merrill agreed to a settlement with the investor for $250,000. 

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

 
 

Tags: eccleston law, finra, merrill lynch

Return to Archive

TESTIMONIALS

Previous
Next

I learned two important things working with Eccleston Law. First, I made a friend and ally with Jim and Steph for life. Secondly, and this is a crucial life lesson - if you need counsel, then seek out the very best. Jim was referred to me by a most trusted source. I've never had to hire an attorney for anything. Now, I know the value of hiring an important partner. Meticulous, thorough and detailed in preparation is the best way to describe Jim. Brilliant too, I might add. Bottom line, I would highly highly recommend Jim and Stephany for your legal needs. One of the best life decisions I've ever made.

Howard S.

LATEST NEWS AND ARTICLES

February 6, 2026
Delaware Regulators Fine Kovack Advisors $985,000

Kovack Advisors Inc., the registered investment adviser affiliate of independent broker-dealer Kovack Securities Inc., agreed to pay a $985,000 fine to Delaware securities regulators.

February 5, 2026
FINRA Fines Broker-Dealer for Repeated Form CRS Disclosure Failures

The Financial Industry Regulatory Authority (FINRA) fined VSI Securities Inc., formerly known as Venecredit Securities Inc., $20,000 for failing to accurately disclose the firm’s disciplinary history in its customer relationship summary, known as Form CRS.

February 4, 2026
Investor Redemptions Rise in Nontraded BDCs Amid Credit Concerns

Financial advisors and their clients have increased redemptions from nontraded business development companies (BDCs) following a series of high-profile corporate bankruptcies, according to InvestmentNews. The surge highlights growing investor concern about liquidity and credit exposure within these high-yield but often risky investment ...