The latest regulatory, disciplinary and criminal actions.
Finra also fined the Iowa-based broker $5,000 for trying to settle the claim without his firm’s knowledge.
Marcus Boggs, a former Merrill Lynch broker who was arrested in 2019, admitted to using clients’ money for travel, expensive meals, and rent and mortgage payments.
Broker whose allegedly improper trading in an elderly client’s account was the subject of two New York Times articles agreed to an 18-month suspension and $10,000 fine.
Advisor and local restaurateur Kerry Moy accepted a two-month suspension and $5,000 fine for allegedly including the wrong names of attendees on business meals when seeking reimbursement.
Scott W. Reed of Scottsdale, Arizona, allegedly made nearly $200,000 for soliciting and facilitating at least $3.5 million in unapproved investments in a software company.
Ex-broker Manish H. Shah accepted a 20-month suspension from the brokerage industry and a $15,000 fine for borrowing money from customers to buy another broker’s practice but using the money for personal expenses.
A sole public arbitrator granted the former advisor’s request for expungement and said Merrill defamed the broker by not looking into the allegations behind a customer complaint before issuing the termination.
Brokers who brought a ‘constructive discharge’ claim against the firm in 2017 have agreed to repay the balance on six promissory notes, according to an arbitration award.
Wells had sought to hold the broker responsible for reimbursements it made to clients after the broker allegedly stole more than $1.1 million.
Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
Former broker Barry Connell, who served prison time for stealing $5 million from customers, has been barred from the securities industry.