FINRA Suspends Former Merrill Advisor For Failing to Disclose Felony Drug Charges

Posted on September 27th, 2021 at 2:30 PM
FINRA Suspends Former Merrill Advisor For Failing to Disclose Felony Drug Charges

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) suspended a former Merrill Lynch advisor and fined him $5,000 for failing to disclose two felony drug charges on U4 forms. Shaiful Chowdhury consented to FINRA’s suspension without admitting or denying any of FINRA’s findings. Chowdhury is no longer registered as an advisor, which means that the suspension will be enforced only if Chowdhury becomes associated with another member firm. 

Chowdhury became registered with FINRA in January 2016 after joining J.P. Morgan Securities in 2013, according to BrokerCheck. After joining Merrill Lynch in December 2019, Merrill filed a Form U5 Termination Notice for Chowdhury, which effectively terminated his registration with FINRA. According to BrokerCheck, Chowdhury was charged with criminal possession of a controlled substance with intent to sell marijuana in the first degree. In February 2020, Chowdhury was charged with two felonies in a Brooklyn criminal court. When Chowdhury completed two Form U4’s shortly after the hearing, Chowdhury answered “no” when asked whether he had ever been charged with a felony. Nevertheless, Merrill discovered the felonies during a routine background check of Chowdhury, according to FINRA. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, finra, merrill, felony

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