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

Return to Archive

TESTIMONIALS

Previous
Next

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

June 14, 2024
Wells Fargo Fires Employees for Faking Work

Wells Fargo & Co. recently terminated over a dozen employees following an investigation into allegations of fake work activities.

June 13, 2024
FINRA Struggles to Revise Outside Business Rules

The Financial Industry Regulatory Authority’s (FINRA) attempt to update its rules on advisors’ outside business activities has stalled, according to Robert Colby, FINRA's chief legal officer.

June 12, 2024
Tax Court Denies Madoff Victims $8.2 Million Deduction

Victims of Bernie Madoff's Ponzi scheme, Christopher and Silvana Pascucci, cannot claim an $8.2 million tax deduction for their investment in life insurance premiums.