December 14, 2018

Customers Allege Merrill Lynch Sold Unsuitable Investments

Stock Broker Losses?

Customers Allege Merrill Lynch Brokers Sold Unsuitable Investments

Soreide Law Group is investigating excessive trading, misrepresentation and suitability claims on behalf of customers who invested with Merrill Lynch , Pierce, Fenner & Smith incorporated (CRD#: 7691, New York, New York) securities brokers and financial advisors including Matthew Martin Howley, Matthew Allen Ashley, Jon Monk and Robert Lee Gantner.

May 31, 2017 Arbitration About Merrill Lynch’s Matthew Martin Howley

Matthew Martin Howley (CRD#: 5493709, Beverly Hills, California) is a securities broker who works for Merrill Lynch. Howley disclosed on his FINRA BrokerCheck Report that at least one of his customers disputed his sales practices between August 2014 and March 2016. On May 31, 2017, the Merrill Lynch customer filed FINRA Arbitration #17-01422. Allegedly, Matthew Martin Howleymade unsuitable investment recommendations to the customer about private placements and master limited partnerships. Not only that, the customer claimed Howley omitted and misrepresented important information about those investments. Apparently, by relying on those misrepresentations and bad investment recommendations, the customer was harmed. For this reason, on May 21, 2018, Merrill Lynch agreed to pay the customer $200,000.00 to settle the matter. Before joining Merrill Lynch on May 19, 2014, Matthew Martin Howley worked for Morgan Stanley (Beverly Hills, California).

May 18, 2017 Arbitration Regarding Merrill Lynch Broker Matthew Allen Ashley

Merrill Lynch broker Matthew Allen Ashley (CRD#: 4732477, Dallas, Texas) also reported that a customer complained about his sales practices. Ashley disclosed on FINRA Brokercheck that FINRA Arbitration #17-01230 was filed by a Merrill Lynch customer on May 18, 2017. First, Ashley allegedly made misleading or false statements about unit investment trusts or stocks. Second, the customer indicated that Ashley omitted important details about the investments which, if known to the customer, would have impacted the customer’s decision to invest.
Third, the customer accused Ashley of giving the customer shoddy investment advice; following that advice apparently caused the customer to suffer damages. Fourth, the customer claimed that Ashley excessively traded in the customer’s brokerage account. Fifth, Ashley allegedly misappropriated the customer’s assets. The customer stated that Ashley committed those wrongs between August 2011 and July 2016. As a result, Merrill Lynch agreed to pay the customer $305,000.00 to settle the matter. Ashley started at Merrill Lynch on February 13, 2004.

May 22, 2017 Arbitration Concerning Merrill Lynch’s John Monk

Jon Monk (CRD#: 5287297, Salt Lake City, Utah), who joined Merrill Lynch on August 10, 2007, disclosed on his FINRA BrokerCheck Report that a customer took aim at his activities from August 2014 to August 2016. Records show that the customer of Merrill Lynch filed FINRA Arbitration #17-01335 on May 22, 2017, naming Monk as a respondent. The customer brought several causes of action against Monk. Namely, the customer contended that Monk made unauthorized trades in the customer’s account. Monk allegedly traded mutual funds and equities in the customer’s account without the customer’s consent. In addition, Monk allegedly omitted and misrepresented important information about the equities and mutual funds. Although Monk denied the customer’s allegations of his misconduct, Merrill Lynch opted to settle the customer’s claim for $30,000.00 on September 18, 2018 to avoid the cost of litigation.

August 18, 2017 Civil Lawsuit Involving Merrill Lynch Broker Robert Lee Gantner

The FINRA BrokerCheck Report of Merrill Lynch registered representative, Robert Lee Gantner (CRD#: 3129206, Swansea, Illinois), shows that a customer was allegedly harmed by his activities. Particularly, the Merrill Lynch customer brought a civil lawsuit in St. Clair, Illinois on August 18, 2017. Apparently, the customer claimed that Gantner engaged in private securities transactions – transactions handled away from Merrill Lynch. Gantner allegedly misappropriated the customer’s assets in connection with a purported real estate investment. As a result, the customer sustained investment losses. Eventually, Merrill Lynch settled the customer’s claim to avoid additional litigation. On February 18, 2018, the firm agreed to pay the customer $96,000.00. In fact, records show that Gantner personally contributed $82,000.00 funds in the settlement of the case.

Merrill Lynch Has Made 1,432 Disclosures Concerning Allegations Of Its Misconduct

Merrill Lynch is a brokerage firm regulated by Financial Industry Regulatory authority and investment adviser firm regulated by the Securities and Exchange Commission. FINRA BrokerCheck shows that Merrill Lynch has made 1,432 disclosures which consist of allegations and findings against the firm of regulatory infractions and sales practice violations. The firm has also been named in many more customer-initiated, investment-related disputes relating to allegations against its own brokers of sales practice violations. Some of the disputes, such as those described above, allege that Merrill Lynch was responsible for selling customers unsuitable investments, engaging in excessive trading, and misrepresenting investments.

Lars Soreide Highest Ethical Standard Award 2018
Lars Soreide Highest Ethical Standard Award 2018

If you have experienced losses by investing with Merrill Lynch brokers Matthew Martin Howley, Matthew Allen Ashley, Jon Monk or Robert Lee Gantner, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.

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