Andrew LeBlanc Sanctioned, Involved In Disputes

Securities Broker Andrew LeBlanc Sanctioned, Faces Merrill Lynch Client Complaints

Soreide Law Group comes to you with important investor information regarding securities broker Andrew Joseph LeBlanc II (CRD#: 2607117, Saddle Brook, New Jersey). Notably, LeBlanc received sanctions from Financial Industry Regulatory Authority (FINRA) to resolve allegations of his participation in private securities transactions. The state of Maryland also sanctioned LeBlanc because of FINRA's disciplinary action. Moreover, three investors disputed his sales practices. Here's a summary of these disclosures.

Who Is Andrew LeBlanc?

Evidently, Andrew LeBlanc worked as a securities broker for Merrill Lynch from 1995 to 2017 and has worked for Bruderman Brothers LLC since 2017. In addition, he is a former Merrill Lynch financial advisor, and in 2017 became a Bruderman Asset Management financial advisor.

FINRA Sanctions Concern Private Securities Transactions

Evidently, Andrew LeBlanc agreed to pay a $20,000 fine to FINRA and serve a six-month suspension (November 2020 to May 2021) to resolve FINRA's allegations of him selling away from Bruderman Asset Management. Basically, selling away is when a securities broker engages in securities transactions that their employer does not know about or approve of. When the securities broker does not get permission to engage in these activities, this can be a FINRA or NASD rule violation.
Notably, FINRA says that Andrew LeBlanc took part in the sale of $1,250,000 in preferred stock in a closely held company. Also, he allegedly took part in the purchase of a $500,000 membership interest in an LLC. Collectively, LeBlanc initiated these transactions with three clients. Supposedly, he arranged the transactions and helped clients understand the investment opportunity. Although, LeBlanc did not get compensation for his activities. Still, FINRA says that LeBlanc violated rules on private securities transactions.

Client Alleges Sales Practice Violations In Dispute About Andrew LeBlanc

Evidently, a client of Merrill Lynch disputed Andrew LeBlanc’s sales practices by bringing a June 2017 complaint. Supposedly, the client experienced damages between August 2010 and March 2017 because of the securities broker. For this reason, they asked for $10,000 in compensation. However, Merrill Lynch denied this investor’s dispute.

Client Of Merrill Lynch Alleges That LeBlanc Made Unsuitable Recommendations, Misrepresented Facts

Notably, clients of Merrill Lynch took issue with Andrew LeBlanc’s sales of direct investments, which includes direct participation programs (DPPs) and limited partnerships (LPs). It appears that this June 2017 FINRA Arbitration Claim concerns LeBlanc’s outside business activities. Allegedly, the securities broker managed their business affairs, engaged in private securities transactions, misused funds, misrepresented information about investments, concealed information about investments, and gave unsuitable advice to the clients. All of this purportedly took place between 2011 and 2017. Because of these alleged sales practice violations, Merrill Lynch agreed to pay the clients $2,250,000 in a settlement. However, LeBlanc did not contribute to this settlement.

Andrew LeBlanc Involved In Dispute About Variable Annuity Recommendation To Merrill Lynch Client

Moreover, a Merrill Lynch client disputed Andrew LeBlanc’s sales practices in 2011. Primarily, the client argued that LeBlanc provided unsuitable advice regarding an annuity. It appears that Merrill Lynch denied this client’s dispute.

Did You Sustain Damages Through LeBlanc?

Did Andrew LeBlanc cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for many United States investors who incurred losses because of their financial advisors and securities brokers. Please note that LeBlanc denies all allegations of his sales practice violations.