In March 2020, Raskin was discharged from Merrill Lynch following allegations of “business practices inconsistent with Firm standards, including inappropriate investment recommendations.”
Following Raskin’s Termination From Merrill Lynch, FINRA Investigates
According to the Financial Industry Regulatory Authority (FINRA), after Merrill Lynch reported Raskin’s discharge, FINRA started an investigation that included sending requests for production of information and documents to Raskin. Raskin did not respond to these requests. FINRA’s Letter of Acceptance, Waiver, and Consent with Raskin (AWC), states that Raskin acknowledged receipt of the requests, but “stated that he did not intend to respond . . .”.
Failure to produce information and documents in response to FINRA’s request is a violation of FINRA Rules. As a result, Raskin consented to a permanent bar from associating with any FINRA member in all capacities.
Customer Investment Dispute Against Raskin Alleges “Churning”
In September 2020, a customer lodged a securities dispute against Raskin that alleged “unauthorized trading and churning from January 2018 until January 2020.”
Although this dispute was denied, churning is a serious issue in the securities industry. Churning, otherwise known as excessive trading, occurs when a stockbroker buys and sells securities in a customer’s account solely for the purpose of generating commissions. This is a violation of securities laws and FINRA Rules.
Did You Experience Investment Losses With Ryan Raskin at Merrill Lynch?
Silver Law Group has extensive experience seeking and recovering losses related to churning and excessive trading. Our attorneys and forensic accountants can help determine whether an investment loss is the result of churning. If you believe your broker may have engaged in churning, Silver Law Group may be able to help recover your losses in a FINRA arbitration claim.
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers represent investors nationwide to help recover investment losses due to stockbroker misconduct such as churning. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingency fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.