Securities Lawyers Blog
Merid Amde (CRD# 1897365), formerly a broker with Wunderlich Securities, Inc. and currently a broker with L.M. Kohn & Company stockbroker, was recently named in a FINRA enforcement proceeding.
According to FINRA, alleged that in contravention of Wunderlich Securities procedures, Amde failed to disclose that a firm customer had named him as a successor trustee to her trust and had Amde named and his wife as the sole beneficiaries of the trust. The complaint alleges that Amde failed to provide Wunderlich with prior written notice of Amde’s expectation of compensation as a successor trustee in the customer’s trust. The complaint further alleges that Amde mismarked order tickets for a customer’s accounts as unsolicited when they were actually solicited. According to the complaint Amde mismarked the orders to avoid supervision of the trades and caused Wunderlich’s books and records to be inaccurate as to those trades.
FINRA’s complaint further alleges that Amde executed discretionary transactions in a customer’s account without first obtaining prior written authorization from the customer and without the account accepted by Wunderlich as discretionary. Finally, the complaint alleges that Amde provided a customer with consolidated reports that falsely stated the value of her investments and exaggerated the return on investment. Amde, denies the allegations.