Tagged with "Merrill Lynch"

Merrill Lynch’s Sunset-Plan Presents Challenges and Issues for Retiring Advisors

Posted on March 16th, 2021 at 4:21 PM
Merrill Lynch’s Sunset-Plan Presents Challenges and Issues for Retiring Advisors

Nearly every major brokerage firm offers its own succession or sunset program that allows senior advisors to retire, transfer their business and monetize in place.

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Ex-Merrill Bank Advisor Granted Expungement

Posted on February 2nd, 2021 at 9:41 AM
Ex-Merrill Bank Advisor Granted Expungement

A Nevada advisor won expungement and $50,000 in damages after an arbitrator found that Merrill Lynch’s investigation and firing showed reckless disregard for the truth.

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Former Merrill Lynch Advisor Sentenced to 8 Years in Prison for Theft

Posted on December 22nd, 2020 at 4:07 PM
Former Merrill Lynch Advisor Sentenced to 8 Years in Prison for Theft

Christopher Hibbard, a former Merrill Lynch advisor from Louisville, Kentucky, has been sentenced to eight years in prison for embezzlement, AdvisorHub reported.

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Merrill Lynch to Pay $26 Million to New Hampshire Regulator to Settle Charges of Excessive Trading

Posted on December 8th, 2020 at 3:06 PM
Merrill Lynch to Pay $26 Million to New Hampshire Regulator to  Settle Charges of Excessive Trading

Merrill Lynch has agreed to pay a $2 million fine and $24.3 million in reimbursement to clients to settle an action brought by the New Hampshire Bureau of Securities Regulation.

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FINRA Suspends Former Merrill Lynch Advisor

Posted on November 2nd, 2020 at 11:27 AM
FINRA Suspends Former Merrill Lynch Advisor

Former Merrill Lynch advisor, Andrew LeBlanc II, agreed to pay a $20,000 fine and serve a six-month suspension from association with any FINRA member firm in any capacity.

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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

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.

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Merrill Lynch Discharges Veteran Advisors for Training Violations

Posted on July 8th, 2020 at 3:35 PM
Merrill Lynch Discharges Veteran Advisors for Training Violations

Richard A. Hogan and Christopher R. Berry were terminated by Merrill Lynch Wealth Management after the firm discovered that Hogan and Berry failed to personally complete mandatory firm training. Hogan and Berry lead the Arc Group, a five-person team with between $3 and $4 million in annual revenue.  Hogan appeared regularly on the Financial Times “Top 400 Financial Advisor” list, as well as Barron’s “Top 1,200 Advisor” list.

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FINRA Suspends Former Merrill Lynch Broker for 21 Months

Posted on May 22nd, 2020 at 3:04 PM
FINRA Suspends Former Merrill Lynch Broker for 21 Months

Former Merrill Lynch broker, Christopher M. Roumayeh, agreed to a $15,000 fine and a 21-month suspension from association with any FINRA member firm in all capacities.  According to FINRA Enforcement, Roumayeh engaged in outside business activities without providing prior written notice to his firm.

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Merrill Lynch Fined for Unregistered Principal

Posted on May 18th, 2020 at 3:02 PM
Merrill Lynch Fined for Unregistered Principal

Merrill Lynch agreed to a censure and a $150,000 fine to settle alleged violations with FINRA Enforcement.  According to FINRA Enforcement, Merrill Lynch allowed an executive to function as a principal in its prime brokerage business, despite the fact that the executive was not registered with FINRA.

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Merrill Lynch Experiences System Outage

Posted on April 29th, 2020 at 5:07 PM
Merrill Lynch Experiences System Outage

Merrill Lynch is the latest financial firm to experience connection disruptions.  Robinhood, JPMorgan Chase and Morgan Stanley have also experienced their own outages as these firms move to a remote workplace.  Merrill Lynch brokers nationwide were affected by this outage, which caused them to lose access to their workstations. The firm said that the outage was due to an issue with its internet service provider.

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December 9, 2022
FINRA Reminds Firm To Monitor For “Red Flags” In Options Trading Applications

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