Merrill Lynch

There are Recent Customer Complaints with Broker Samuel Butterworth in Firm Merrill Lynch, Pierce, Fenner & Smith Incorporated

February 2, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Samuel Butterworth (Butterworth), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Butterworth recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on December 18, 2024.

The customers allege unsuitable investment recommendations and misrepresentations.

Broker Ian Biggs in Merrill Lynch, Pierce, Fenner & Smith Incorporated Firm Has Customer Complaint

January 31, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ian Biggs (Biggs), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Biggs recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint on November 20, 2024.

Customer alleges misrepresentation and failure to act in their best interest in October 2024.

Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker Michael Byrd Has Customer Complaint

January 30, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Michael Byrd (Byrd), currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Byrd recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on November 18, 2024.

Client alleges unsuitable recommendations in June 2010 and July 2023

Merrill Lynch, Pierce, Fenner & Smith incorporated Broker Thomas Ellis Has Customer Complaint

January 29, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Ellis (Ellis), previously associated with Merrill Lynch, Pierce, Fenner & Smith incorporated, has at least one disclosable event. These events include one customer complaint, alleging that Ellis recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $1,000,000.00 on January 07, 2025.

Co-Personal Representatives for the estate allege that the Financial Advisor failed to act in the client’s best interest and made an unsuitable recommendation related to a variable annuity in June 2022.

Merrill Lynch, Pierce, Fenner & Smith Inc. Advisor Stephen Medina Has Customer Complaint

January 24, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial advisor Stephen Medina (Medina), currently associated with Merrill Lynch, Pierce, Fenner & Smith Inc., has at least six disclosable events. These events include six customer complaints alleging that Medina recommended unsuitable investments in different investment products.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $782,500 on September 27, 2023. The claim settled for $300,000.

Client alleges misrepresentations and unsuitable investments between February 2022 and December 2022.

Advisor Tyler Dean Delahunt barred from industry over unapproved business activity

April 22, 2023 | by Staff Attorney

The law offices of Gana Weinstein LLP are currently investigating claims that advisor Tyler Dean Delahunt (“Delahunt”) has been accused by a securities regulator of engaging in unapproved business activities among other allegations. Delahunt was sanctioned by The Financial Industry Regulatory Authority (FINRA) concerning his private securities and undisclosed outside business activity conduct. According to records kept by The Financial Industry Regulatory Authority (FINRA), Reed was employed by Merrill Lynch, Pierce, Fenner & Smith, Inc. (“Merrill Lynch”) at the time of the activity. If you have been a victim of Delahunt’s alleged misconduct our firm may be able to assist you in recovering funds.

In January 2021, FINRA brought a regulatory action and found that Delahunt consented to sanctions and findings that he failed to provide documents and information requested by FINRA in connection with its investigation into Delahunt’s termination. Delahunt’s former firm, Merrill Lynch filed a Form U5 disclosing his termination for alleged misconduct involving the solicitation of clients in an outside investment and participating in financial arrangements with clients. Continue Reading

Merrill Lynch Financial Advisor Mark Jones Has Nine Investor Complaints

September 11, 2021 | by Staff Attorney

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that Financial Advisor Mark Jones (Jones), currently employed by Merrill Lynch, has been subject to at least nine customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Jones’ customer complaints alleges that Jones recommended unsuitable investments in various investments, among other allegations of misconduct relating to the handling of their accounts.

In May 2019, a customer complained that Jones violated the securities laws by alleging that Jones engaged in material misrepresentations. The claim settled in the amount of $70,026.

In February 2014, a customer complained that Jones violated the securities laws by alleging that Jones engaged in unsuitable investment advice, and material misrepresentations. The claim settled in the amount of $26,250.

In April 2002, a customer complained that Jones violated the securities laws by alleging that Jones engaged in unsuitable investment advice. $400,000 in damages were granted.

Adviser Michael Greenstone Accused of Making Unsuitable Investment Recommendations

April 10, 2021 | by Staff Attorney

Adviser Michael Greenstone (Greenstone), currently employed at Merrill, Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch), has been subject to at least nine customer complaints during the course of his career. Eight of the nine complaints against Greenstone allege unsuitability. In addition, Greenstone recently had nine customer complaints expunged in mass from his record using FINRA’s notoriously flawed expungement process. According to the PIABA Foundation, 1,078 expungement-only cases have been filed from 2015 to 2018. The study concluded that “The Finra [expungement] process is being systematically gamed, exploited and abused with one-sided hearings, manipulation of arbitrator selection, deletion of significant customer complaints and abusive (and possibly fraudulent) conduct to such an extent that it must be frozen until it can be repaired.”

According to a BrokerCheck report, there have been two complaints against Greenstone in the past two years alleging him of making unsuitable investment recommendations. The most recent allegation against Greenstone is pending and the customer is seeking $5 million in damages for unsuitable investment recommendations made from 2013 through 2019. Over the course of Greenstone’s career, several customers have accused him of making unsuitable investment recommendations. The aggregate settlement amount for his collective complaints is in excess of $240,000.00. Greenstones two largest reported settlements occurred in 2009 and in 1999. In July 2009, a customer alleged Greenstone placed her in a portfolio that was not suitable for her risk tolerance and age. This matter settled for approximately $114,000.00. Moreover, in July 1999, accused Greenstone of excessive and unsuitable trading. This matter settled for $106,000.00.

Advisor James G. Babineaux Accused of Making Unsuitable Investment Recommendations and Unauthorized Trading

April 10, 2021 | by Staff Attorney

Advisor James Babineaux (Babineaux), currently employed by Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch) has been subject to at least two customer complaints during the course of his career. According to a BrokerCheck report the customer complaints concern unsuitable investment recommendations and unauthorized trading. In August 2018, a customer alleged Babineux engaged in unauthorized trading from July 26, 2018 through July 27, 2018. Additionally, that same year, another customer alleged that Babineux engaged in unsuitable investment recommendations and unauthorized trading from January 18, 2018 through July 27, 2018. Both matters settled for $1,322.21 and $2,853.93 respectively.

Unauthorized trading occurs when a broker sells securities without the prior consent from the investor. All brokers, who do not have discretionary authority to trade an account, are under an obligation to first discuss trades with the investor before executing them under NYSE Rule 408(a) and FINRA Rules 2510(b). Under the NASD Conduct Rule 2510(b), a broker is prohibited from trading in a non-discretionary customer account without prior written authorization from the customer. Unauthorized trading is a type of investment fraud because the Securities Exchange Commission (SEC) has found that disclosures of trades being made are essential and material to an investor. Unauthorized trading is often a gateway violation to other securities violations including churning, unsuitable investments, and excessive use of margin.

Advisor and Broker Ralph Byer Accused of Making Unsuitable Investment Recommendations

April 5, 2021 | by Staff Attorney

Advisor and broker Ralph Byer (Byer), currently employed by Merrill Lynch, Pierce, Fenner & Smith, Inc. (Merrill Lynch), has a substantial complaint history. Byer has been subject to at least seven customer complaints during the course of his career. According to a BrokerCheck report, the majority of his customer complaints (four out of seven) concern unsuitable investment recommendations.

In June 2018, a customer alleged Byer engaged making unsuitable investment recommendations and excessive trading from 1990 until 2018. Ultimately this matter settled for $565,000.00. Additionally, from 2001 through 2009, three other known customer complaints were brought against Byer for making unsuitable investments. Moreover, in 1999, a customer alleged Byer engaged in churning. That matter ultimately settled in favor of the client for $22,500.00.

Advisors have an obligation to make only suitable recommendations for investments to the client. There are many investments that are not appropriate for the majority of investors or for certain investors given their risk tolerance, age, and other factors. Advisors should not present these investment options to clients. There are two screens that advisors must employ to determine whether an investment is suitable for a client. First, there must be a reasonable basis for the recommendation – meaning that the product has been investigated and due diligence conducted into the investment’s features, benefits, risks, and other relevant factors. The advisor must conclude that the investment is suitable for at least some investors and some securities may be suitable for no one. Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factor.