The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Ernest Frerking AKA Ernie Frerking [CRD#: 2588177, Austin, TX]. Evidently, investors disputed the sales practices of the securities broker, who worked for Merrill Lynch Pierce Fenner Smith. Additionally, the securities broker discloses a regulatory enforcement action. However, Frerking denies the allegations of sales practice violations. Read on to learn more about the allegations against Frerking.
Merrill Lynch Pierce Fenner Smith Investor Accuses Frerking Of Misappropriation
Evidently, a Merrill Lynch Pierce Fenner Smith client filed a complaint about Ernest Frerking. Namely, the client alleged that Frerking misappropriated the client’s funds. Because of this, the client sustained damages. Therefore, on April 8, 2021, Merrill Lynch Pierce Fenner Smith settled this matter by paying the client $200,000.
FINRA Sanctions Kemp For Refusing Testimony
Supposedly, Frerking was associated with Merrill Lynch up until April 2021. At that time, Merrill Lynch filed a Uniform Termination for Securities Industry Registration (Form U5) indicating that the firm had terminated Frerking. It was alleged that Frerking did not abide by firm standards concerning entering into a financial arrangement with a firm client without first obtaining the firm’s approval. FINRA began its investigation into Frerking after a Rule 4530 filing by Merrill Lynch. On July 11, 2022, FINRA sent Frerking a request for on-the-record testimony. On July 14, 2022, through his counsel, Frerking acknowledged that he received FINRA's request but would not appear for on-the-record testimony at any time. As a result, Frerking violated FINRA Rules 2010 and 8210.
Damages Resulting From Merrill Lynch Pierce Fenner Smith Securities Broker Ernest Frerking?
Have you experienced damages by investing with Ernest Frerking? If so, get in touch with Soreide Law Group at (888) 760-6552 to talk with a securities lawyer about potentially recovering your investment losses. Notably, Soreide Law Group has effectively recovered money for investors throughout the United States. The firm represents clients on a contingency fee basis and advances all costs. Frerking and brokerage firms Frerking was employed by deny any and all allegations of sales practice violations.