Securities Arbitration Lawyer Blog
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, 2020, alleging that his business practices were inconsistent with Merrill Lynch’s standards. The business practices purportedly included inappropriate investment recommendations involving mutual funds.
According to public records, shortly after Mr. Raskin’s termination, a customer complained that Mr. Raskin engaged in unauthorized trading and churning of mutual funds and money funds from January 2018 until January 2020. Peculiarly, Merrill Lynch denied this customer’s complaint.
Investors should be aware that filing a complaint directly with a financial institution, like Merrill Lynch, is not the same as filing a securities arbitration complaint. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you have suffered financial losses investing with Ryan Raskin or suspect that Mr. Raskin made trades in your account that were not authorized or excessively traded your account, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Merrill Lynch.
FINRA Letter of Acceptance, Waiver, and Consent No. 2020066135901
Ryan Raskin and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 13, 2021, after Mr. Raskin refused to provide documents and information in connection with FINRA’s investigation into whether Mr. Raskin made inappropriate investment recommendations involving mutual funds.
On August 31, 2020, in connection with an investigation into the circumstances of Mr. Raskin’s termination from Merrill Lynch, FINRA sent a request to Mr. Raskin to produce documents and information pursuant to FINRA Rule 8210. Mr. Raskin reportedly stated during a phone call and email on September 8, 2020, that he would not provide the requested information or documents at any time. On December 17, 2020, FINRA sent a second request to Mr. Raskin to produce the same documents and information. Mr. Raskin reportedly stated during a phone call on December 17, 2020, that he did not intend to respond to the request.
By refusing to provide the information or documents, Mr. Raskin violated FINRA Rules 8210 and 2010. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
Financial Advisor Ryan Ashley Raskin (CRD# 5539610)
Ryan Ashley Raskin had 11 years of experience in the securities industry. He was employed and registered by the following brokerage firms in Beverly Hills, California:
- Morgan Stanley Smith Barney from May 2009 until May 2016.
- Merrill Lynch from May 2016 until March 2020.
Merrill Lynch discharged Mr. Raskin on March 4, 2020. In connection with his termination, Merrill Lynch alleged that Mr. Raskin’s business practices were inconsistent with Merrill Lynch’s standards, including inappropriate investment recommendations involving mutual funds.
A few months later, in September 2020, a customer submitted a complaint to Merrill Lynch about Mr. Raskin’s conduct. The customer alleged that Mr. Raskin engaged in unauthorized trading and churning from January 2018 until January 2020. Mutual funds and money funds were the securities at issue. However, even though the customer’s allegations are remarkably similar to the allegations made by Merrill Lynch when it fired Mr. Raskin a few months earlier, Merrill Lynch denied the customer’s complaint.
According to Mr. Raskin’s BrokerCheck report, this customer did not file a securities arbitration complaint. Investors should be aware that even if a firm such as Merrill Lynch denies their complaint, they can still file a securities arbitration through FINRA Dispute Resolution Services.
In non-discretionary accounts, customers retain discretion, and brokers must always obtain their customer’s permission before placing a trade. You can read more about unauthorized trading in the context of both discretionary and non-discretionary accounts here: Unauthorized Trading.
Excessive trading occurs when a financial advisor makes many trades in a customer’s account, not to benefit the customer but to generate commissions for the broker. Excessive trading is unethical and illegal.
If you or a loved one were a customer of Ryan Raskin and either sustained financial losses or suspect inappropriate trading activity in your investment or retirement account, contact Iorio Altamirano LLP for a free and confidential evaluation.
Merrill Lynch: A Duty to Supervise
Brokerage firms, like Merrill Lynch, must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as mutual fund switches and the improper use of discretion, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.
How to Recover Losses or Obtain a Free Consultation
If you have suffered financial losses investing with Ryan Raskin or suspect that Ms. Raskin did not have your best interest in mind when recommending investments or trading in your account, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.