After leaving Wells Fargo, the new Merrill Lynch broker soon faced allegations of misappropriation of Wachovia’s confidential documents and files. The plaintiff Wells Fargo asserted six causes of action against the broker as a result of his resignation and following employment with Merrill Lynch.
Nicholas Schorsch has been considered a pioneer in alternative investment since he founded his brokerage holding company RCS Capital Corp. (RCAP). Not more than two years ago he compared RCAP to Wall Street greats Merrill Lynch and Raymond James Financial, Inc.
Bank of America has recently fired a broker who was formerly in charge of $2.5 billion in assets. The broker, Marc D. Lowe, reportedly had three strikes against him over the past few months that led to his termination, all of which were said to be "behavioral issues."
According to AdvisorHUB.com, Bank of America Merrill Lynch fired two experienced financial advisers in Colorado.
New Study Compares Brokerage Firm Advertising to Arbitration Positions Taken Related to Fiduciary Duty
NFL star Dwight Freeney is suing Bank of America and a Merrill Lynch financial adviser Michael Bock for allegedly defrauding him of over $20 million in an investment fraud.
According to AdvisorHUB, all signs show that Bank of America/Merrill Lynch are ready to exit the protocol for broker recruiting.
FINRA has fined 10 firms a total of $43.5 million for allowing their equity research analysts to solicit investment banking business and for offering favorable research coverage in connection with the 2010 planned initial public offering of Toys R Us.
Merrill Lynch has told its brokers that they will receive higher bonus payments in 2015 for attracting new clients and assets, but will eliminated pay for servicing clients with less than $250,000 in assets.
Merrill Lynch is offering former brokers 400% transition deals to return to the firm and sing its praises.
You were most helpful with my FINRA deposition. You are a good lawyer and a good person.
GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.
James Arthur McDonald Jr., a former financial advisor and frequent CNBC guest analyst, has agreed to plead guilty to securities fraud, admitting to defrauding investors out of at least $2.7 million, as reported by ThinkAdvisor. The felony charge carries a maximum sentence of 20 years in federal prison.
The Securities and Exchange Commission (SEC) has announced settlements with Wells Fargo Clearing Services LLC, Wells Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated over allegations that they failed to implement proper policies and procedures for their cash sweep programs.
