Merrill Lynch’s Dick Sladek Referenced In Misrepresentation Disputes

Soreide Law Group is reviewing possible claims of sales practice violations against Merrill Lynch securities broker Richard Bluce Sladek (“Dick Sladek”) (CRD#: 426080, Coeur D’Alene, Idaho). Namely, the broker, who worked for Merrill Lynch from 1978 to 2017, discloses 9 customer disputes concerning his transactions. Notably, these disputes suggest that Sladek could have poorly advised his clients, misrepresented investments or was otherwise responsible for clients’ losses. Let’s take a closer look at some of these recent disclosures:

Merrill Lynch Client Alleges Dick Sladek Misrepresented Investments

A client of Merrill Lynch took aim at Dick Sladek’s sales practices through filing FINRA Arbitration #: 19-00774 on April 18, 2019. Namely, the client alleged that Sladek misrepresented a real property investment. Supposedly, Sladek falsified information or otherwise misled the client into executing the investment transaction. Because of this, on October 16, 2019, Merrill Lynch opted to settle the dispute through paying the client $55,000.

Sladek Allegedly Gives Bad Investment Advice About Real Estate Investment

A Merrill Lynch client filed a lawsuit under Docket #: C17-00616 on April 4, 2017. First of all, the client stated that Dick Sladek was selling away from Merrill Lynch, meaning that he supposedly engaged in private real estate transactions without telling Merrill Lynch. The client also suggested that Sladek failed to have a reasonable basis to believe that the real estate security he recommended was suitable. Not only that, but the client indicated that Sladek omitted and misrepresented details about the investment. Finally, Sladek supposedly misappropriated the client’s money from 2016 to 2017. For this reason, on November 29, 2018, Merrill Lynch opted to settle this complaint by paying the client $625,000.

Merrill Lynch Client Indicates Dick Sladek Failed To Disclose Facts About ETFs

On March 7, 2016, Merrill Lynch received notice of a customer’s filing of FINRA Arbitration #: 16-00570. Apparently, this matter concerned Dick Sladek’s failure to disclose facts in regard to risky OTC equities and ETFs. It appears that the clients invested in unreasonable investments too as they alleged that Sladek gave bad advice. It appears that the clients sustained losses because of Sladek’s actions. For this reason, on November 3, 2016, Merrill Lynch settled this matter through a payment of $45,000 to the client.

Merrill Lynch Disaffiliates With Sladek

Evidently, Merrill Lynch reported to FINRA that it disaffiliated with Dick Sladek on August 16, 2017. Allegedly, Sladek fell short of complying with Merrill Lynch’s standards. Namely, Merrill Lynch mentioned that Sladek did not disclose an outside business activity and an “unapproved financial arrangement” which apparently involved a Merrill Lynch client.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with Dick Sladek? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.