ROKER MISCONDUCT: Merrill Lynch Terminates Jacob Wagner, Jessica Caden, Scott Tilley, Keith McIntosh
Merrill Lynch (CRD#: 7691, New York, New York) is a SEC-regulated investment adviser and FINRA-regulated brokerage firm. Notably, with a company containing over 15,000 employees, Merrill Lynch is bound to have bad apples working for them every once in a while. Particularly, Merrill Lynch reports when it discharges a broker or permits the broker to resign because of the broker’s misconduct. Critically, some situations involve Merrill Lynch terminating a broker for possibly harming a customer. For instance, take a look at the following disclosures involving Merrill Lynch’s termination of brokers Jacob Wagner, Jessica Caden, Scott Tilley, and Keith McIntosh.
Merrill Lynch Discharges Jacob Wagner For Failing To Follow Investment Instructions
Jacob P. Wagner (CRD#: 5984030, Livonia, Michigan) is a past Merrill Lynch general securities representative. Apparently, Jacob Wagner worked at the firm’s Livonia, Michigan offices from November 4, 2014 to January 12, 2018. However, Jacob Wagner did not depart Merrill Lynch on a good note. Rather, Merrill Lynch discharged Jacob Wagner because he allegedly failed to listen to a customer’s instructions. Supposedly, the customer’s instructions concerned investment transactions. And by Jacob Wagner not following the customer’s instructions, it is possible the customer incurred an investment loss or a lost opportunity. Previously, Jacob Wagner was a general securities representative of Ameriprise Financial Services, Inc.
Broker Jessica Caden Discharged By Merrill Lynch For Outside Business Activities
Jessica L. Caden (CRD#: 3251910, Brentwood, Tennessee) used to be a broker of Merrill Lynch. Apparently, Jessica Caden worked at Merrill Lynch’s Brentwood, Tennessee offices from September 5, 2006 to October 31, 2016. Supposedly, Merrill Lynch discharged Jessica Caden on October 3, 2016. According to the firm, Jessica Caden engaged in an outside business activity without disclosing it to the firm’s attention. Jessica Caden became a general securities representative of Fifth Third Securities (Franklin, Tennessee) on January 25, 2018. Generally, brokers who engage in outside business activities violate FINRA Rules, as those activities may pose a conflict of interest between the broker and the firm. Worse yet, brokers sometimes engage in suspicious outside investment activities which the firm cannot supervise because it does not know about the transactions.
Merrill Lynch’s Scott Tilley Voluntarily Resigns After Alleged Solicitation, Outside Business Activities
Scott Allen Tilley (CRD#: 1139070, High Point, North Carolina) is a prior Merrill Lynch general securities representative. According to Scott Tilley’s FINRA BrokerCheck report, he worked at the firm from August 24, 2000 until he voluntarily resigned on May 8, 2018. Allegedly, Scott Tilley violated Merrill Lynch’s policies concerning unauthorized communications. Secondly, the firm stated that Scott Tilley solicited political contributions without the firm’s permission. Third, Scott Tilley supposedly engaged in an outside business activity which he did not disclose to Merrill Lynch as required. Fourth, the firm claimed Scott Tilley violated its policies concerning advertising and marketing of the firm’s products and services. Later, Scott Tilley joined BB&T Securities, LLC (High Point, North Carolina), where he has been a securities representative since May 8, 2018.
Broker Keith McIntosh Terminated For Engaging In Discretionary Trading
Keith Alan McIntosh (CRD#: 6235866, Jacksonville, Florida) is a past broker of Merrill Lynch. Like the other Merrill Lynch employees, the firm terminated Keith McIntosh for alleged misconduct. Evidently, Merrill Lynch employed Keith McIntosh on January 21, 2015, then discharged him on November 14, 2016. The FINRA BrokerCheck Report for Keith McIntosh indicates that he may have traded in customer accounts without their permission. Specifically, Merrill Lynch claimed that Keith McIntosh exercised discretion in a customer’s account without permission. Notably, a broker’s discretionary trading, which can violate FINRA Rules, typically occurs when customers don’t provide written consent for trades or the firm does not approve the customers’ accounts for discretionary trading.
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