Patrick Foley Formerly With Merrill Lynch Barred

On June 14, 2019, the Financial Industry Regulatory Authority Inc. (FINRA) barred Patrick Foley (Patrick Neal Foley) CRD#: 6682164 from acting as a broker or otherwise associating with a broker-dealer firm.
Patrick Foley, a former broker with MERRILL LYNCH, PIERCE, FENNR & SMITH, INC of Ontario, California was discharged from the firm in January of 2018 following the allegations stated with FINRA, “Conduct including accepting loans from a client.”
Without admitting or denying FINRA’s findings, Patrick Foley consented to the sanction and to the entry of findings that he allegedly failed to appear and provide FINRA with testimony in connection with an investigation into allegations that he accepted loans from an elderly member firm client.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, Patrick Foley has three Disclosures on his CRD report.  Foley had been in the securities industry for one year and was listed with the following firm:
9/15/2016 - 02/07/2018   MERRILL LYNCH, PIERCE, FENNR & SMITH INC - ONTARIO, CA
There is a proposed new rule put forth by National Association of Securities Dealers, Inc. To Adopt NASD Rule 2370 To Govern Certain Lending Arrangements Between Registered Persons and Customers, as follows:
“The purpose of the proposed rule change is to prohibit registered persons from borrowing money from or lending money to a customer unless the member has written procedures allowing such lending arrangements consistent with the rule, the loan falls within one of five permissible types of lending arrangements, and the member pre-approves the loan in writing. The five types of permissible lending arrangements are: The customer is a member of the registered person’s immediate family (as defined in the proposed rule); the customer is in the business of lending money; the customer and the registered person are both registered persons of the same firm; the lending arrangement is based on a personal relationship outside of the broker-customer relationship; or the lending arrangement is based on a business relationship outside of the broker-customer relationship.” 
If you or an elderly family member suffered financial losses due to the actions of former Merrill Lynch of Ontario, California broker, Patrick Foley, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA.  We operate on a contingency fee basis—no fee to you if no recovery.