Former Merrill Lynch Advisor Sanctioned for Unauthorized Crypto Work and Misleading Letters

Posted on October 23rd, 2024 at 10:57 AM
Former Merrill Lynch Advisor Sanctioned for Unauthorized Crypto Work and Misleading Letters

From te desk of Jim Eccleston at Eccleston Law

A former Merrill Lynch advisor, John Rollin Revelle, has been suspended for 10 months and fined $7,500 by the Financial Industry Regulatory Authority (FINRA) for engaging in unauthorized activities, including working for a cryptocurrency exchange and issuing misleading asset verification letters.

According to AdvisorHub, Revelle earned over $29,000 while employed by a start-up cryptocurrency exchange, where he assisted in processing investments. Revelle undertook this role without obtaining permission from Merrill Lynch, thereby violating FINRA’s rules against unauthorized outside business activities.

Additionally, Revelle drafted, signed, and distributed three asset verification letters on Merrill Lynch letterhead without firm authorization.

Those letters contained false statements, including exaggerations of the asset values of the individual they were intended to benefit and incorrectly identifying that person as a Merrill customer.

FINRA determined that these actions violated Rule 2010, which mandates that industry professionals uphold “high standards” of commercial honor. Revelle accepted FINRA’s sanctions without admitting or denying the allegations in what is known as an Acceptance, Waiver and Consent (“AWC”).

 

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

Tags: eccleston, eccleston law

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