Former Merrill Lynch California Broker Fined and Suspended by FINRA for Exercising Discretion in Client's Account

Michael Richard Crow (CRD #57845, San Jose, California)

was fined $7,500 and suspended by FINRA for 30 business days for allegedly exercising discretion in a client’s account without his member firm’s prior written authorization.

FINRA's findings stated that allegedly Crow had exercised discretion in a client’s non-discretionary account and without a power of attorney after his firm had issued a Letter of Admonishment to Crow for entering discretionary orders in several client accounts that were not firm-established discretionary investment advisory service accounts or accounts over which Crow had power of attorney.

The firm discharged Crow for exercising discretion in a non¬discretionary account.

The suspension is in effect from January 5, 2015, through February 17, 2015.

(FINRA Case #2013039162501)

Michael Crow was registered in the securities industry for 41 years and was previously registered with the following securities firm(s):

09/1978 - 11/2013 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD# 7691) - SAN JOSE, CA

05/1972 - 09/1978 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC. (CRD# 572)

This summation from FINRA’s website under "Disciplinary and Other FINRA Actions, February 2015," ends here.

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