Finra Suspends ex-Merrill Broker over Mismarked Orders
Financial Industry Regulatory Authority Department of Enforcement
vs. William Bruckner
Background: Bruckner first became registered with a Sanford C. Bernstein & Co., in 2010. In July 2012, Bruckner became associated with Merrill Lynch as a broker. The firm later terminated Bruckner’s employment on May 11, 2016.
Overview of Allegations: Bruckner mismarked 20 trading order tickets as ‘unsolicited’ when in fact he had solicited the underlying trades to four customers. Merrill Lynch policy required Bruckner to obtain the firm’s authorization before soliciting the securities he recommended to the customers because those securities were not covered by Merrill’s research division. Since Bruckner failed to obtain such authorization from Merrill, he caused the firm to maintain “inaccurate books and records” which violates FINRA Rule 4511 and 2010.
Result: Without admitting or denying the findings, Bruckner will receive a 15 business day suspension from the securities industry, and a fine of $5,000.