ustomer Complaints Against Merrill Lynch Brokers Ryan Marchi, Tariq Laliwala, William Kablack
Merrill Lynch (CRD#: 7691, New York, New York) is a FINRA-regulated brokerage firm and SEC-regulated investment adviser. Notably, Merrill Lynch has been involved in at least 870 customer investment arbitrations resulting in the firm paying a large number of customers compensation for its brokers’ wrongful sales practices. Additionally, there are many customer disputes involving the firm’s brokers which are ongoing or have settled. For example, see the following disclosures made by brokers Ryan Marchi, Tariq Laliwala and William Kablack.
FINRA Arbitration Alleges Ryan Marchi Made Unsuitable Investment Recommendations
Ryan Gregory Marchi (CRD#: 5731659) is a past Merrill Lynch general securities representative who was employed from March 7, 2013 to June 23, 2016. Apparently, the brokerage firm reported on Ryan Marchi’s FINRA BrokerCheck report that a customer complained about the firm and him. Specifically, the customer filed FINRA Arbitration #18-02022 on June 4, 2018. Evidently, the customer named Ryan Marchi in the matter. Allegedly, Ryan Marchi made unsuitable recommendations about listed equity products, including common and preferred stock investments.
Also, the customer contended that Ryan Marchi misrepresented the equity investments which Ryan Marchi recommended for the customer. As a result, the customer alleged $58,708.60 in damages for Ryan Marchi’s sales practice violations from December 2015 through 2016. Ryan Marchi also disclosed that he was convicted for taking property not belonging to him according to a Wilmington North Carolina Criminal Matter #6402007015448. Ryan Marchi is now a general securities representative of Wells Fargo Clearing Services, LLC.
Customer Alleges Merrill Lynch, Tariq Laliwala Made Misrepresentations About Managed Account
Tariq A. Laliwala (CRD#: 4919322, Northbrook, Illinois) has been a general securities or futures managed funds representative of Merrill Lynch since August 3, 2012. Evidently, a customer of Merrill Lynch took aim at Tariq Laliwala’s sales practices, accusing Tariq Laliwala of misrepresentation. Specifically, on April 12, 2018, the customer complained about Tariq Laliwala or the firm’s misrepresentation of the customer’s In House Money Manager account. Allegedly, Tariq Laliwala or the firm made incorrect or disingenuous statements about the customer’s investment arrangement from March 2017 to October 2017. As a result, Merrill Lynch opted to pay the customer $13,544.83 to settle the customer’s misrepresentation claim. However, the firm did not admit to being liable. Previously, Tariq Laliwala worked at Morgan Stanley Smith Barney and Northern Trust Securities, Inc.
Complaint Lodged Against Merrill Lynch Involving William Kablack’s Misrepresentation Of Commissions
William Kablack Jr. (CRD#: 5987435, Fairport, New York) is another Merrill Lynch broker who reported a customer dispute. According to William Kablack’s FINRA Brokercheck Report, on December 31, 2015, a customer of Merrill Lynch filed a complaint. Allegedly, William Kablack misrepresented commissions that he or the firm would earn for making stock trades in the customer’s brokerage account. Supposedly, William Kablack charged more for the transactions than what he led the customer to believe. As a result, the customer and Merrill Lynch agreed that the customer receive $21,427.55 as compensation for the alleged misrepresentation. William Kablack was a general securities representative of Merrill Lynch from January 6, 2012 to July 8, 2016. Later, he joined Stifel Nicolaus Company (Fairport, New York).
If you have experienced losses by investing with Merrill Lynch brokers Ryan Marchi, Tariq Laliwala or William Kablack, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represent clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.