The latest regulatory, disciplinary and criminal actions.
Scott W. Reed of Scottsdale, Arizona, allegedly made nearly $200,000 for soliciting and facilitating at least $3.5 million in unapproved investments in a software company.
Ex-broker Manish H. Shah accepted a 20-month suspension from the brokerage industry and a $15,000 fine for borrowing money from customers to buy another broker’s practice but using the money for personal expenses.
A sole public arbitrator granted the former advisor’s request for expungement and said Merrill defamed the broker by not looking into the allegations behind a customer complaint before issuing the termination.
Brokers who brought a ‘constructive discharge’ claim against the firm in 2017 have agreed to repay the balance on six promissory notes, according to an arbitration award.
Wells had sought to hold the broker responsible for reimbursements it made to clients after the broker allegedly stole more than $1.1 million.
Ohio broker allegedly earned $450,000 from unsuitable short-term trading in Class A mutual fund shares.
Former broker Barry Connell, who served prison time for stealing $5 million from customers, has been barred from the securities industry.
The nation’s largest independent broker-dealer failed to maintain proper supervision of record retention, fingerprinting and screening of associated persons, consolidated reports.
Former broker pled guilty to stealing roughly $4.2 million over 10 years.
Brokers who moved between 2017 and 2019 worked with third-party vendor on populating account-transfer spreadsheets without receiving customer approval.