FINRA has fined Merrill Lynch $1.5 million over its alleged breach of supervisory and disclosure-related rules involving short positions in municipal securities. The firm was censured, fined, and required to certify that its supervisory systems and written procedures are reasonably designed to achieve compliance with Municipal Securities Rulemaking Board (MSRB)…
FINRA has barred former Merrill Lynch broker Scott Madison from the securities industry after he failed to provide information and documents requested by FINRA in connection with its investigation into the circumstances of his termination from Merrill Lynch. If you have suffered investment losses with Scott Madison, or Merrill Lynch,…
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Tyler Dean Delahunt from the securities industry. Tyler Delahunt was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Atlanta, Georgia, from October 2016 until August 2020. Merrill Lynch terminated Mr. Delahunt’s employment on August 3, 2020,…
Summary: FINRA has barred financial advisor Charles Kenahan from the securities industry after he refused to cooperate with FINRA’s investigation. In 2019, Bank of America Merrill Lynch agreed to pay $40 million to settle with Robert Levine, co-founder of Cabletron Systems, over churning allegations. In December 2020, the State of…
The Financial Industry Regulatory Authority (“FINRA”) has barred financial advisor Ryan Ashley Raskin from the securities industry. Ryan Raskin was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”) in Beverly Hills, California, from May 2016 until May 2020. Merrill Lynch terminated Mr. Raskin’s employment on March 4,…
FINRA has suspended financial advisor Rawad Roy Alame (CRD #5376696) from the securities industry for six months, fined $5,000, and ordered him to pay $2,700 to a former client. Rawad Alame was a stockbroker at Merrill Lynch, Pierce, Fenner & Smith Incorporated, working out of branch offices in Raleigh, North…
Merrill Lynch broker Hector J. Gonzalez has six pending customer complaints on his CRD, including one customer complaint filed in 2020 claiming $3 million in losses. The claims allege unsuitable investment recommendations and misrepresentations. Mr. Gonzalez (CRD#: 5330726) has been in the securities industry for 13 years. He has been…
FINRA has suspended financial advisor Douglas William Stopkey from the securities industry for a 30-day period, which began on November 16, 2020, and runs through December 15, 2020. Douglas Stopkey was registered with Merrill Lynch, Pierce, Fenner & Smith in Richmond, VA, from March 1992 until September 2018, when he…