FINRA Suspends Former Merrill Advisor Over Unauthorized Trades

Posted on September 8th, 2022 at 1:48 PM
FINRA Suspends Former Merrill Advisor Over Unauthorized Trades

From the Desk of Jim Eccleston at Eccleston Law.

The Financial Industry Regulatory Authority (FINRA) has issued a 45-day suspension and a $5,000 fine on a former Merrill Lynch advisor who allegedly completed unauthorized trades in three separate client accounts.

The former California-based Merrill advisor, Conrad Branson, allegedly transacted 14 trades in an account for a client known as ‘Customer A’ between September 2019 and February 2020 without obtaining prior authorization, knowledge or consent, according to FINRA. FINRA further alleged that Branson completed trades in non-discretionary accounts without obtaining prior written consent from Customer A and two additional clients during the same time period.

According to FINRA, Merrill has reimbursed Customer A for $78,919 in losses. Branson, who was managing nearly $150 million in client assets, departed Merrill in June to join Birchwood Wealth Advisors, which is affiliated with advisory firm aggregator Kingswood US. According to BrokerCheck, Branson also was involved in a previous client dispute related to unauthorized trading in April 2020, which settled for $34,341 while Branson did not contribute.

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

Tags: eccleston, eccleston law, advisors, finra

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