Ben Dembla – (Bhenoy Dembla) – Merrill Lynch – Chicago, IL
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred financial advisor Ben Dembla (CRD#4357042) from associating with any FINRA member at any time.
According to a Letter of Acceptance, Waiver and Consent on February 6, Dembla reportedly consented to the sanction and to the entry of findings that he allegedly entered and later canceled fictitious mutual fund sell orders to circumvent restrictions placed by his member firm and mutual fund providers on the amount of Class B shares an investor can own.
The findings stated these alleged fictitious sell orders and subsequent purchases of Class B shares caused the accounts of customers to exceed the accumulation limit by a total of $863,000. The firm reportedly subsequently provided $31,801 in restitution to these customers. The findings also stated that Dembla purportedly caused the firm to maintain inaccurate books and records by making false entries on firm databases as to why the clients wanted to sell Class B shares.
According to Dembla’s FINRA BrokerCheck report, he was registered with Merrill Lynch, Pierce, Fenner & Smith in Chicago, Illinois from March 2001 until he was reportedly discharged in September 2016 due to “Conduct including circumventing Firm limitations on the accumulation of mutual fund shares in customer accounts resulting in a loss of management’s confidence.”
Dembla reportedly has 4 customer disputes listed on his broker report. Allegations include excessive trading and unsuitable investments.
Failure to Supervise
The White Law Group is investigating potential claims involving Ben Dembla and the liability his former employer may have for failing to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
If you are concerned about your investments with Ben Dembla, the securities attorneys at The White Law Group may be able to help you.
For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.