Former Merrill Advisor Barred by FINRA For Failure to Cooperate in COVID Relief Loan Investigation

Posted on September 14th, 2021 at 12:25 PM
Former Merrill Advisor Barred by FINRA For Failure to Cooperate in COVID Relief Loan Investigation

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has barred a former Merrill Lynch advisor who failed to cooperate with a probe revolving around his application for a COVID relief loan. FINRA has continued to probe advisors who may have improperly pursued pandemic relief loans, which were primarily designed for small businesses. The latest advisor is Scott Madison, who after joining Merrill Lynch in 2017, continued to generate nearly $1.1 million in annual revenue and managed $150 million in client assets. Madison agreed to a bar rather than to cooperate with FINRA’s investigation. 

According to FINRA, Madison violated Rule 2010, which requires advisors to “observe high standards”, and prohibits “any unethical business-related misconduct, regardless of whether it involves a security.” Furthermore, Madison violated Rule 8210 related to cooperation in regards to providing information and testimony, according to FINRA. 

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

Tags: eccleston, eccleston law, merill lynch, FINRA, COVID

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I just received this letter from the CFP Board. Thank you, Thank you, THANK YOU!

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