Securities Arbitration Lawyers BlogFINRA Suspends Broker Christopher Eriksson
Christopher Eriksson (Christopher Thomas Eriksson CRD# 2487298) is a previously registered broker and investment advisor whose last known employment was with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) in Wayzata, Minnesota. His previous employers were Wachovia Securities, LLC, (CRD#:19616) of St. Louis MO, and Prudential Securities Incorporated (CRD#:7471) of New York, NY. He has been in the industry since 1994.
Merrill Lynch discharged Eriksson on 10/20/2020 for ”Conduct involving outside business activities including entering into a financial arrangement with a client without the Firm’s knowledge or approval.”
The discharge followed a customer dispute filed on 9/22/2020 in which they alleged that not only did Eriksson engaged in unsuitable investments and excessive trading, but he also solicited a loan for the purchase of real estate. The client requests damages of $20,000,000; this case is still listed as “pending.”
In the following FINRA investigation, it was discovered that Eriksson borrowed $350,000 in April of 2018 from a customer without notifying Merrill Lynch, nor receiving approval, which were the firm’s policies. Borrowing was only allowed if the customer was also a family member, and this customer was not. He signed a promissory note and repaid the principal and interest in full.
In addition, Eriksson participated in three outside business activities (OBA) without the firm’s prior notification and approval. This includes forming two LLCs and the acquisition of three separate properties in Texas and Minnesota. In September of 2015, Eriksson purchased ownership in three auto salvage companies and two related real estate holding companies. Merrill Lynch was never notified of these OBAs. Eriksson notified the firm about his first LLC, which he formed in September of 2003. After notifying Merrill Lynch in 2020, the firm gave its approval.
During his employment at Merrill Lynch, he never disclosed these OBAs on any compliance questionnaire from 2017 through 2019.
FINRA’s disciplinary actions include a six-month suspension and a $10,000 fine, effective 11/21/2022.
Eriksson also has a civil judgement in his CRD for $38,678.77 in the state of Minnesota dated 12/11/2019.
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