FINRA suspended Merrill Lynch securities broker Rawad Roy Alame (CRD#: 5376696, Raleigh, North Carolina) for a period of six months starting on January 4, 2021 and ending on July 3, 2021 to resolve allegations of his private securities transactions. Alame consented to the suspension without admitting or denying FINRA’s findings. He agreed to pay a fine in the amount of $5,000.
Evidently, FINRA’s suspension of Rawad Alame is the result of his alleged involvement in private securities transactions. Supposedly, in those arrangements, he seemingly managed a client’s securities account at a firm outside of Merrill Lynch – the broker that he worked for at the time. Notably, FINRA alleged that Alame did not provide notice to his firm that he managed a client’s securities elsewhere. He did not receive any written authorization from Merrill Lynch to do this.
It appears that Rawad Alame executed more than 36 options transactions in the client’s outside account. Purportedly, this involved $500,000 in option purchases. Supposedly, the client suffered $107,195 in losses connected to the recommendations and purchases Alame made. Also, it appears that the securities broker received compensation for his outside purchases.
Also, Rawad Alame reportedly completed the firm’s compliance questionnaire, and one of his responses concerned whether any client paid him for business conducted outside of the firm. Purportedly, the securities broker responded falsely, according to FINRA. Supposedly, in this questionnaire, he also relayed that he did not involve himself with any accounts that his firm did not approve. As part of his sanctions, Alame agreed to relinquish the compensation that he received in connection with the outside transactions.
It appears that Merrill Lynch disaffiliated with Alame in June 2019 for alleged unauthorized activities.
According to a client’s complaint on July 30, 2019, Rawad Alame allegedly was selling away when he worked for Merrill Lynch. Basically, selling away is when a broker initiates securities transactions that their employer does not know about or approve. When the client made the claim, they sought $138,000 in damages based on losses from options transactions. It appears that Merrill Lynch opted to settle this matter through making a $114,545 payment to the client in January 2020.
Did Rawad Alame cause you to incur investment losses? If so, call Soreide Law Group at (888) 760-6552 and speak with an experienced securities lawyer about a potential recovery. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for hundreds of United States investors who experienced damages because of their financial advisors or securities brokers. Please note that Alame denies all allegations of his sales practice violations.
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