Former Merrill Lynch Brokers Fired for Promoting Outside Hedge Fund

Posted on October 3rd, 2014 at 9:27 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

Two former Merrill Lynch brokers, Stephen S. Brown and James P. Goetz, were fired for selling away hedge funds outside of the brokerage firm. “Selling away” is a violation of the securities industry rules, which means selling investments or other products not vetted and processed by an adviser's employer.

Based in Pittsford, New York, Brown and Goetz had been with Merrill since 1991 and 1998 respectively, and managed about $2.5 billion of assets for clients. They were members of Merrill's Private Banking and Investment Group, which includes about 150 brokerage teams that focus on ultra-wealthy clients with at least $10 million to invest.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston


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