merrill lynch

Former Broker Frank Zito Discharged From Merrill Lynch

August 27, 2018 | Silver Law Group

Frank Howard Zito (CRD #2766336) is a former registered broker and investment advisor. He was most recently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Ridgeland, MS. He was previously registered with Morgan Keegan & Company, Inc. (CRD #4161) and Amsouth Investment Services, Inc. (CRD #15692), both of Jackson, MS. He began in the industry in 1996.

Former-New-York-Life-Broker-Jonathan-Williams-Barred-by-FINRA-as-a-Result-of-Outside-Business-Activities-300x200 Zito is the subject of three disclosures. He was discharged by Merrill Lynch on 6/25/2018 for “Conduct including failure to adhere to Firm standards regarding selling away and failure to fully disclose participation in an outside business activity.” (“Selling away” is when a broker sells securities that are not being offered by the brokerage firm they are working for. This is a violation of securities regulations.)

The discharge follows a customer dispute filed on 5/18/2018 with allegations of selling away, as well as unsuitable investment recommendations from 2013 until January 2018. The customer is requesting damages of $571,000.00. This dispute is currently pending.

Charles Kenahan

August 10, 2018 | Silver Law Group

Broker Charles Ernest Kenahan (CRD #1351974) is a broker with Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Boston, MA, registered since 12/7/2007. Previous employers include Morgan Stanley & Co., Incorporated (CRD #8209) and Morgan Stanley DW Inc. (CRD #7556) of Boston, MA, Smith Barney Inc. (CRD #7059) and Bear, Stearns & Co. Inc. (CRD #79), both of New York City, and Thomson McKinnon Securities Inc. (CRD #829). He has been in the industry since 1985.

Boca-Raton-Financial-Advisor-Robert-Child-Faces-Yet-Another-Customer-Dispute-300x199 Kenahan is the subject of three customer disputes in 2018, with the same allegations of excessive trading, unsuitable investments and misrepresentation. The disputes were filed on 05/03/2018, 03/13/2018 and 02/02/2018. The collective timespan of these allegations is December 2007 until 2018. One client is requesting damages, in the amount of $700,000. These are the only disclosures in Kenahan’s 33-year career. He has no disciplinary actions or other disclosures.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. Most cases handled on a contingent fee basis. This means that you won’t pay legal fees unless we are successful. Call us toll free at 800-975-4345, or use our online contact form to get in touch.

Merrill Lynch Broker Anteneh Roberts Banned By FINRA After Misconduct Allegations

July 31, 2018 | Silver Law Group

Anteneh Roberts (CRD #6414549) is a former registered broker and investment advisor whose last known employer was Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Ann Arbor, MI, from 05/15/2015 through 08/10/2017. His previous employer was PNC Investments (CRD #129052) of Cleveland, OH. He is not currently registered with any FINRA broker, and no recent employment information is available.

Roberts has three disclosures, the first of which is a customer dispute filed on 03/29/2017. A court-appointed special representative for the customer’s conservator estate alleged that Roberts “misappropriated” monies from one of the customer’s accounts in September of 2015. The customer requested damages of $54,571.85, and the case was settled for $58,571.85.

The second disclosure involves Roberts’ discharge by Merrill Lynch on 7/17/2017, alleging “conduct inconsistent with firm standards regarding personal bank accounts.” Involvement in the customer dispute of 3/29/2017 is not mentioned.

FINRA Bars Broker Christopher Hibbard After Separation from Merrill Lynch

June 28, 2018 | Silver Law Group

Christopher Lee Hibbard (CRD #3176484) is a previously registered broker and investment advisor who has been barred from association with any FINRA-associated broker. His most recent employer was Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691) of Louisville, KY, from 07/16/2010 through 01/26/2018. His previous employers include Morgan Keegan & Company, Inc. (CRD #4161), also of Louisville, and A. G. Edwards & Sons, Inc. (CRD #4) of St. Louis, MO. He has been in the industry since 1999.

Hibbard was discharged from Merrill Lynch on 01/08/2018, after allegations of “unauthorized transactions and theft.” His registration was officially terminated on 01/26/2018. As a result, FINRA conducted an inquiry and requested information from him, to which Hibbard failed to respond. As of 05/10/2018, FINRA permanently barred Hibbard from associating with any FINRA member in any capacity.

Additionally, the US Attorney’s Office in the Western District of Kentucky is investigating allegations of Hibbard’s unauthorized use of client funds during his tenure at Merrill, Lynch.

Craig Joseph Mardany

May 7, 2018 | Silver Law Group

Craig Joseph Mardany (CRD#4356113), a currently registered FINRA broker and employed with Merrill, Lynch, Pierce, Fenner & Smith Incorporated (CRD# 7691) of Newport Beach, CA. He has been registered with this firm since 10/23/2009. He was previously registered with Banc of America Investment Services, Incorporated, (CRD# 16361) from 03/12/2001 through 10/23/2009.

A customer dispute was filed on 01/03/2018. The customers allege misrepresentation, omission of material facts and unsuitable investment recommendations from 2002 until 2016 for equity listed common & preferred stock and variable share prepaid forward contracts. The customers have requested $10,000,000 in damages. The case is pending, and Mardany is still with Merrill Lynch.

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. Most cases handled on a contingent fee basis. This means that you won’t any pay legal fees unless we are successful. Call us toll free at 800-975-4345, or user our online contact form to get in touch.

Silver Law Group is Investigating Claims Against Florida-Based Merrill Lynch Broker James Lowther for Unsuitable Investments And Misrepresentation

January 9, 2018 | Silver Law Group

James B. Lowther

CRD#5854504

Silver Law Group is investigating Sarasota, Florida-based Merrill Lynch broker James B. Lowther following a customer complaint alleging unsuitable investment recommendations and misrepresenting an investment opportunity.

Former Pennsylvania-based Raymond James Broker Under Investigation for Allegations of Accepting Undisclosed Loans From Customers

May 25, 2017 | Silver Law Group

Silver Law Group is investigating former Pennsylvania-based Raymond James Financial Services, Inc. (CRD# 6694) Jeffrey S. Ingros (CRD# 2091822) after FINRA permanently barred him.

The most recent trouble with Ingros came in February 2016 when Raymond James permitted Ingros to resign after Ingros disclosed to the firm that he accepted loans from customers without prior written approval from the firm and failed to disclose those loans on the firm’s annual compliance attestations, according to his FINRA BrokerCheck report.

Not even a month later, Ingros entered into an Acceptance, Waiver & Consent (“AWC”) consenting to sanctions and the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during its investigation into the aforementioned allegations as well as allegations that he engaged in outside business activities. FINRA permanently barred Ingros for his failure to appear.

Silver Law Group Investigates FINRA-Barred Broker Thomas Buck

July 30, 2015 | Silver Law Group

Silver Law Group is investigating Indiana-based stockbroker Thomas Buck, who earlier this week was barred by the Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member firm and was accused by FINRA of improperly charging customers and engaging in unauthorized trading. Mr. Buck, a former top broker for Bank of America Merrill Lynch from 1981 until early-2015, was most recently employed by RBC Wealth Management.

According to FINRA, Buck oversaw $1.3 billion in assets while at Merrill Lynch, which made him Merrill’s top broker in Indiana. Buck is alleged to have almost exclusively steered his clients into using commission-based accounts since at least 2009 despite the fact that it would have been less expensive for the clients to remain in fee-based accounts. In addition, Buck is believed to have placed trades on behalf of clients without obtaining proper authorizations, something that is prohibited under FINRA standards.

“He at times unilaterally placed trades in customer accounts without getting the customers’ acquiescence in advance, or even after placing the trade,” FINRA wrote. “In other instances, customers explicitly or implicitly allowed him to place trades in their account without prior discussion. Buck did not obtain written authorization to do so from either the customers or Merrill Lynch.”

FINRA Fines Merrill Lynch $8 Million and Orders it to Repay Over $89 Million to Retirement Accounts for Overcharging for Mutual Funds

June 18, 2014 | Silver Law Group

The Financial Industry Regulatory Authority (FINRA) announced a fine against Merrill Lynch, Pierce, Fenner & Smith, Inc. for $8 million for charging excessive mutual fund sales charges for retirement accounts. FINRA also ordered Merrill Lynch to pay $24.4 million in restitution to damaged customers on top of $64 million Merrill Lynch has already compensated damaged investors. According to the FINRA decision, mutual funds offer several classes of shares, each with different sales charges and fees and many mutual funds waive their initial charges for retirement accounts. However, Merrill Lynch failed to pass these savings on to the investors.

Merrill Lynch’s retail platform frequently offered such discounts to retirement plan accounts and disclosed those waivers in their prospectuses. However, Merrill Lynch failed to frequently pass these savings on to the investors including retirement accounts. Accordingly, about 41,000 small business retirement plan accounts, and approximately 6,800 charities and 403(b) retirement accounts available to ministers and employees of public schools, either paid sales charges when purchasing Class A shares, or purchased other share classes that unnecessarily subjected them to higher ongoing fees and expenses. Incredibly, in 2006, Merrill Lynch learned its small business retirement plan customers were overpaying, but continued to sell them more costly shares and failed to report the issue to FINRA for more than five years.

If you believe your portfolio was improperly managed or was charged excessive fees or costs, Silver Law Group will analyze your portfolio at no charge. Additionally, if you have questions about your legal rights, or have been the victim of investment fraud, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or Toll Free at (800) 975-4345.