Former NBA No. 1 Draft Pick Files Lawsuit Against Merrill Lynch and Advisor

Posted on December 19th, 2018 at 5:09 PM

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former National Basketball Association player and 2001 first round draft pick, Kwame Brown has filed a lawsuit in California Superior Court in Los Angeles against Merrill Lynch, Bank of America and his former adviser, Michelle Marquez, alleging fraud, breach of fiduciary duty and breach of contract.

According to the recent court filings, starting in 2005 and lasting for another 13 years, Mr. Brown became a client of Merrill Lynch and Ms. Marquez, who handled all of his $64 million NBA income and other investments. Moreover, during that time, both parties stipulated that Ms. Vazquez could not execute trades without the consent of Mr. Brown.

However, according to his civil complaint, Mr. Brown alleges that Ms. Marquez forged his signature on authorization forms and agreements, opened up bank accounts under his name, and began investing and trading his assets without his permission.  As a result of her unauthorized trades, Ms. Marquez was able to collect substantial commissions from Mr. Brown’s investment accounts.

Mr. Brown allegedly approximately lost $17.4 million in his Merrill Lynch account due to these unauthorized trades and commission payments.

According to the lawsuit, Mr. Brown is seeking compensatory and punitive damages with prejudgment interest jointly and severally from Merrill Lynch, Bank of America and Ms. Marquez.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Tags: james eccleston, eccleston law, eccleston law llc, eccleston, merrill lynch, kwame brown, fraud, fiduciary duty

Return to Archive

TESTIMONIALS

Previous
Next

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

February 11, 2025
UnitedHealth Group Agrees to $69 Million Settlement in ERISA Class Action Lawsuit

UnitedHealth Group has agreed to pay $69 million to resolve a class action lawsuit alleging violations of its fiduciary duties under the Employee Retirement Income Security Act of 1974 (ERISA).

February 10, 2025
Former Merrill Lynch Advisor Sanctioned by FINRA for Unauthorized Trades

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.

February 7, 2025
Court Finds American Airlines Breached Fiduciary Duty in 401(k) ESG Case

A federal court ruling against American Airlines has brought attention to the role of environmental, social, and governance (ESG) factors in managing retirement plans.