Merrill Lynch Fined $175,000 for Failure to Report Allegations Against Financial Advisor

The Financial Industry Regulatory Authority (FINRA) recently fined Merrill Lynch $175,000 because, according to FINRA, they took a year to report the allegations that one of its financial advisors, Greg Campbell of Clayton, MO, misappropriated more than $1.7 from client accounts.

Campbell left Merrill Lynch in Oct. 2011, and went to LPL Financial Holdings Inc. According to FINRA, Campbell continued taking additional funds from his clients at LPL Financial Holdings Inc. According to court documents, from June 2006 until October 2011, Campbell was employed at Merrill Lynch. From September 2007 until the end of his employment in October 2011, Campbell fraudulently diverted more than $1.4 million from clients.

Campbell began working as a senior wealth manager for Four Seasons Wealth Management in Clayton, Missouri, in November 2011. Four Seasons was a company that offered securities and advisory services to clients through LPL Financial LLC. Campbell was employed at Four Seasons until October, 2012. From November 2011 to October 2012, Greg J. Campbell fraudulently diverted more than $360,000 from his clients’ to his own personal accounts.

Among Campbell's victims were some of his own family members and an 85 year-old with dementia. He used the money for his own personal expenses. This was done without his clients' knowledge and authorization. Greg Campbell pled guilty to federal wire fraud charges in 2013 and was sentenced to 38 months in prison.

All brokerages/firms are required to report their client complaints to FINRA within 30 days. FINRA then posts these complaints on their Website under 'BrokerCheck.' This is available to the public.

If you have experienced losses through your broker/financial advisor, call a Securities Arbitration Lawyer at Soreide Law Group for a free consultation on how to potentially recover your losses: 888-760-6552.