Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

Posted on February 10th, 2025 at 1:48 PM
Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

From the desk of Jim Eccleston at Eccleston Law

FINRA has fined Anthony J. Seifert, a former Merrill Lynch advisor based in Mount Pleasant, South Carolina, $5,000 and suspended him for 20 days. According to AdvisorHub, the sanctions stem from allegations that Seifert executed approximately 400 trades in five customers’ brokerage accounts without obtaining proper written authorization from the clients or his firm.

According to the settlement agreement, known as an Acceptance, Waiver, and Consent (“AWC”), between January 2021 and March 2022, Seifert reportedly acted on discretionary authority that the customers had “knowingly permitted” but had not formalized in writing, as required by FINRA regulations. The regulator's rules mandate that advisors secure written client and firm approvals for discretionary trading and uphold “high standards of commercial honor.”

Merrill Lynch terminated Seifert in April 2022, citing these allegations and his use of a personal device for business communications. AdvisorHub reports that FINRA launched its investigation following the firm’s termination notice. Seifert agreed to the AWC and did so without admitting or denying the findings.

 

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

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next

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

David Y

LATEST NEWS AND ARTICLES

July 11, 2025
FINRA Advances Proposal to Allow Limited Use of Performance Projections

The Financial Industry Regulatory Authority (“FINRA”) is moving forward with a proposal that would give broker-dealers limited ability to market performance projections and targeted returns under specific conditions.

July 10, 2025
SEC Permanently Bars Brite Advisors USA Over Custody Rule Violations and Undisclosed Conflicts

The SEC has permanently barred Brite Advisors USA from operating as an investment adviser, citing serious custody rule violations and undisclosed conflicts of interest tied to its offshore affiliate, as reported by Financial Advisor News.

July 9, 2025
UBS Confirms Data Breach After Cyberattack on External Vendor

UBS Group AG has confirmed that a cyberattack on one of its third-party suppliers resulted in stolen company information, though no client data was compromised.