Former Merrill Lynch Broker Fred Brown Reportedly Fined & Suspended
According to the Financial Industry Regulatory Authority (FINRA) on July 25, the regulator has reportedly fined former Merrill Lynch broker, Fred Ronald Brown $12,500 and suspended him for eight months.
According to the Letter of Acceptance, Wavier & Consent, Brown allegedly borrowed $69,000 from two of his clients without telling his firm. He also reportedly did not change his employment record to disclose two tax liens and three civil judgments, a violation of industry rules.
According to his BrokerCheck profile, Brown was registered with Merrill Lynch in Montgomery, Alabama from 2012 until he was fired in 2017 for “Allegations that the registered representative accepted funds from a client without the Firm’s approval.”
For FINRA’s full findings see FINRA case # 2017055021201.
Brown neither admitted to nor denied any of Finra’s findings, according to the AWC.
Failure to supervise
The White Law Group is investigating the liability that Brown’s former employer, Merrill, may have for failure to supervise him.
If a registered broker breaks FINRA rules, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you are concerned about your investments with Fred Ronald Brown, the securities fraud attorneys of The White Law Group may be able to help. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
[maxbutton id=”1″ ]