Former Bank of America Merrill Lynch broker, James R. Lanier of Tallahassee, Florida, pleaded guilty to 22 counts of fraud and related charges last November. He was sentenced to 8 years and 10 months in federal prison, and ordered to pay $887,931 in restitution. Also, the Securities and Exchange Commission (SEC) banned him from the securities industry. Lanier forged his clients' signatures on letters authorizing wire transfers from their accounts to his.
Mr. Lanier illegally used approximately $1 million in client funds to invest in a cellular telecommunications business, and purchased, among other things, a condominium and pickup truck.
“Lanier's unlawful conduct was recurring and egregious,” SEC Administrative Law Judge Carol Fox Foelak wrote in a decision filed on Tuesday that was not contested by Mr. Lanier. “Extending over a period of several years, it involved hundreds of thousands of dollars.”
Bank of America Corp., which owns Merrill Lynch, said the company has already reimbursed the victims and that the bank is owed the restitution amount. Bank of America learned that the money was misappropriated in March, 2010, and notified authorities. James Lanier was employed by Merrill Lynch from September 2008 until March 2010.
Florida-based Soreide Law Group represents clients nationwide in arbitrations before FINRA. For a free consultation with an attorney on how to potentially recover your investment losses call: 888-760-6552.
Steven Graham (CRD 1977736) denies the allegations in a pending customer claim filed on August 11, 2026. The disclosure names Western International Securities as the firm, and the claim involves corporate bonds. No arbitrator has ruled on it. His BrokerCheck report also lists a settled bond dispute and a federal court matter from earlier years.
A claim filed on September 11, 2024 names Thomas Hamlin (CRD 2208505) over a 10% Senior Unsecured Note in iCap Fund III. Every disclosure on his BrokerCheck report involves an iCap private placement and names Somerset Securities as the firm. Each one settled, and a settlement is not an admission of wrongdoing.
Peter Po's most recent settlement came on June 28, 2026, when a corporate bond claim settled for $40,000. Po (CRD 3106974) appears in several settled customer disputes over corporate and high-yield bonds. The disclosures name NI Advisors or California Securities as the firm, and each matter ended in a settlement, not a finding.
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