Merrill Lynch Brokers Reportedly Discharged for Cold Calling
According to an article in Advisor Hub on November 14, three Merrill Lynch brokers were recently discharged after allegations of improperly soliciting prospects in violation of firm policy.
Jonathan Elliott, who reportedly managed its Peoria, Arizona office, and Todd Bendell, a Merrill broker in Scottsdale, were reportedly dismissed in September for “solicitation of prospects inconsistent with Firm standards” and for allegedly failing to fully cooperate with a firm review of their conduct, according to FINRA BrokerCheck.
According to Advisor Hub, Johnathan Rankin, a third broker, was reportedly allowed to “voluntarily” resign over the same solicitation and failure to cooperate allegations.
Elliott and Bendell are not currently registered as brokers or investment advisers, according to their broker profiles, while Rankin is now reportedly registered with Sanctuary Wealth Services.
According to Advisor Hub, a source from the firm said that at least two of the brokers had been warned about their cold-calling techniques.
The reports further state that while cold-calling is not as popular as it once was, it is allowed at most firms, as long as certain rules are followed.
Investigating Potential Lawsuits
When brokers violate securities laws or firm rules, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.
Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states, including Arizona. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Merrill Lynch, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
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