Investor Alert: Merrill Lynch, Pierce, Fenner & Smith Inc. was censured and fined $150,000 for allowing an individual who was an executive with its non-FINRA member to function
FINRA Sanctions & Allegations of Misconduct
FINRA censured and fined $150,000 Merrill Lynch, Pierce, Fenner & Smith Inc. (CRD #7691) from New York, New York for allowing an individual who was an executive with its non-FINRA member affiliate to function as a principal in the firm’s prime brokerage business without being registered with FINRA. Moreover, the individual was actively engaged in the management of the firm’s prime brokerage business in the United States and exercised overall managerial decision-making authority.
Investors Have the Right to Recover Their Losses
When investments are sold by brokerage firms licensed by FINRA, they are subject to the laws that FINRA enforces. The brokerage firms are responsible for ensuring that their brokers are trading fairly, ethically and in the best interest of their clients. Ideally, they would accomplish this through careful supervision. Unfortunately, too often this supervision has been inadequate to fully protect investors. If you purchased any investments through a representative of a registered brokerage firm and suffered losses through negligence or fraud, it immediately puts the brokerage firm at fault for failing to supervise their broker. FINRA law then dictates that you can hold the firm legally liable to recover your damages.
Can I recover my investment losses?
If you lost a substantial portion of your retirement savings or other assets as a result of investments purchased through Merrill Lynch, Pierce, Fenner & Smith Inc., please contact us immediately. Our investment fraud lawyers have recovered millions of dollars from the largest banks, insurance companies, and brokerage firms in the world on behalf of investment fraud victims. You may have certain legal rights that require your immediate attention. Time is of the essence in these claims. The sooner you act, the greater your chances of recovering your investment losses. Don't wait. Contact us TODAY for a FREE Consultation and case evaluation. We will tell you if you have a viable claim worth pursuing.