New Hampshire Regulators Investigate Alleged Churning at Merrill Lynch

Posted on July 14th, 2020 at 3:05 PM
New Hampshire Regulators Investigate Alleged Churning at Merrill Lynch

From the Desk of Jim Eccleston at Eccleston Law LLC:

The New Hampshire Bureau of Securities Regulation has launched an investigation of Merrill Lynch relating to the sales practices of two former Merrill Lynch advisors, Charles Kenahan and Dermod Cavanaugh.  The New Hampshire state regulator is investigating claims of excessive trading made by Craig Benson, former governor of New Hampshire. According to that report, settlement talks between the state regulator and Merrill Lynch are on-going.

Benson also filed a FINRA arbitration claim against Merrill Lynch, Kenahan and Cavanaugh.  In his claim, Benson alleged that he sustained losses greater than $50 million due to the excessive trading in his account. This is not the first such claim to be filed against Merrill lynch. In June 2019, Merrill lynch agreed to pay $40 million to settle a claim that Kenahan had churned the account of Robert Levine. Additionally, Levine had alleged that he was the victim of unsuitable recommendations and misrepresentations.

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.

Related Attorneys: James J. Eccleston

Tags: james eccleston, eccleston law, churning, merrill lynch, craig benson

Return to Archive



If the regulators are after you, and are trying to make a case against you, and you are going to contest their allegations against you, make sure you have the best securities industry defense lawyers, Eccleston Law Firm. My case was spun into a combination of penalties including fines, cash settlements, CE courses and suspension. They were the best I have seen in action. When all was said and done, they had done their magic, my situation was negotiated and settled with a simple "letter of caution" and a case closed without action. It is the most important legal business decision you will ever make, make it Eccleston Law.

Rick R.


June 9, 2023
Retrospective Review Deadline Approaching

The deadline for completing the initial retrospective review required by the Department of Labor (DOL) is quickly approaching.

June 8, 2023
Former David Lerner Branch Manager Receives FINRA Sanctions for Supervisory Lapses

The Financial Industry Regulatory Authority (FINRA) imposed a one-month suspension and a $5,000 fine on former David Lerner Associates branch manager Rande Aaronson.

June 7, 2023
SEC Files Fraud Charges Against Financial Advisor for Exploiting Elderly Clients

The Securities and Exchange Commission (SEC) has charged Douglas McKelvey, a former Morgan Stanley financial advisor, with fraud for misappropriating more than $1.7 million from two elderly customers who were his close relatives.