January 14, 2021

Fired Merrill Broker in Beverly Hills Barred by Finra

by AdvisorHub Staff

Beverly Hills, Investment Advice, Securities Compliance, Securities Law

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The Financial Industry Regulatory Authority barred a Merrill Lynch broker in Beverly Hills, CA, from the securities industry for failing to cooperate with its probe into why the wirehouse discharged him in March.

Ryan Raskin, who worked at Morgan Stanley almost eight years before joining Merrill in 2016, declined to provide information and documents to Finra officials investigating his dismissal, according to a consent letter that Finra accepted on Wednesday.

Merrill filed a U-5 discharge notice on March 5th that disclosed business practices by Raskin “inconsistent with Firm standards, including inappropriate investment recommendations,” the letter said.

Raskin, who accepted the bar without admitting or denying Finra’s allegations, did not return a request for comment sent through social media. According to his BrokerCheck record, Merrill on his behalf denied a customer’s allegations of unauthorized trading and churning for two years involving mutual funds and money-market funds.

A spokesman for Merrill Lynch declined to comment.