FINRA Suspends Former Merrill Advisor Who Improperly Sought Covid-Relief Loan

Posted on August 6th, 2021 at 12:03 PM
FINRA Suspends Former Merrill Advisor Who Improperly Sought Covid-Relief Loan

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) levied a seven-month suspension against an ex-Merrill advisor, Evelyn Batista, as the regulator continues to hunt for advisors who improperly sought Covid-relief loans. Even though Batista was registered for less than one year with the New Jersey-based Thundering Herd, Batista applied in July 2020 for a $17,500 Economic Injury Disaster Loan via the Small Business Association. According to FINRA, Batista applied for a loan on behalf of a non-existent real estate property management business. Batista “recklessly misrepresented” her ownership of a property management business while falsely claiming that the business lost $15,000 due to the pandemic, according to FINRA. FINRA did not issue a fine due to Batista’s insolvency based on financial statements. 

Since October 2020, Batista has not been registered with FINRA as she was fired by Merrill over similar allegations. According to a FINRA settlement letter, “Prior to submitting the application, Batista did not review the Economic Injury Disaster Loan program requirements to determine her eligibility. Indeed, Batista authorized a casual acquaintance, whom she met at a party, to complete the application on her behalf from her cell phone using information she provided to him.” FINRA’s investigation of Batista’s loan application commenced after Merrill Lynch terminated Batista and filed a Uniform Termination Notice (Form U-5). 

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

Tags: eccleston, eccleston law, finra, merrill lynch

Return to Archive

TESTIMONIALS

Previous
Next

Fantastic news!!!!  Your professionalism, support and expertise were greatly appreciated.  You made a difficult situation much more bearable.

Marci M.

LATEST NEWS AND ARTICLES

June 9, 2023
Retrospective Review Deadline Approaching

The deadline for completing the initial retrospective review required by the Department of Labor (DOL) is quickly approaching.

June 8, 2023
Former David Lerner Branch Manager Receives FINRA Sanctions for Supervisory Lapses

The Financial Industry Regulatory Authority (FINRA) imposed a one-month suspension and a $5,000 fine on former David Lerner Associates branch manager Rande Aaronson.

June 7, 2023
SEC Files Fraud Charges Against Financial Advisor for Exploiting Elderly Clients

The Securities and Exchange Commission (SEC) has charged Douglas McKelvey, a former Morgan Stanley financial advisor, with fraud for misappropriating more than $1.7 million from two elderly customers who were his close relatives.