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

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