Clearwater Broker, DENNIS M. MERRITT Suspended by FINRA Over Private Securities Transactions

The Pompano Beach, Florida-based Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, August 2016.”
DENNIS M. MERRITT (CRD# 1748115 Palm Harbor, Florida)
was suspended by FINRA for four months and in light of Merritt’s financial status, no monetary sanction was imposed, due to allegations that Merritt participated in private securities transactions without providing prior written notice to his member firm.
FINRA’s findings stated that at the time Merritt recommended that clients purchase units of the company, he had not conducted an adequate investigation which to make a determination that the company was a suitable investment for any investor, and did not have a reasonable basis to recommend the company to any client. According to a FINRA report his clients invested $115,000.
According to FINRA, DENNIS M. MERRITT never reviewed the company’s financial projections covering an unspecified 24-month period, did not conduct any research on its product, did not obtain information on its executives, did not adequately review the company’s investment summary in order to determine what a client would own after purchasing a unit as defined by the Articles of Incorporation, and never requested, obtained or reviewed other documents referenced in the investment summary that related to a business plan, product development specifications, technology and industry research, and marketing and sales strategies, all of which could be made available on request.
FINRA also found that Merritt falsely affirmed that he was complying with the firm’s private securities transactions policy.
Dennis M. Merritt's suspension is in effect from July 5, 2016, through November 4, 2016.
(FINRA Case #2013036962201)
DENNIS M. MERRITT was in the securities industry for 27 years and is not currently licensed to act as a broker (buying and selling securities on behalf of customers) or as an investment advisor (providing advice about securities to clients). He may still be able to offer other investment-related services if properly licensed to do so. Some of the firms he was recently registered with were:
03/2014 - 06/2016 J.W. COLE FINANCIAL, INC. - CLEARWATER, FL
08/2013 - 10/2013 CETERA INVESTMENT SERVICES LLC - CLEARWATER, FL
06/2009 - 05/2013 WELLS FARGO ADVISORS, LLC - PALM HARBOR, FL
02/2007 - 06/2009 MORGAN KEEGAN & COMPANY, INC. - CLEARWATER, FL
If you were a client of DENNIS M. MERRITT, formerly with JW Cole Financial in Clearwater, FL, and suffered financial losses due to his recommendations, call the Pompano Beach, Florida-based Soreide Law Group for a no-cost consultation with an lawyer regarding the possibility of recovering your losses at:  888-760-6552.
Soreide Law Group represents clients nationwide on contingency and advances all costs. We are committed to recovering our clients’ losses due to the negligence or fraud of their brokerages, stock brokers or financial advisors.