Allegedly Unsuitable Recommendations Caused Senior Investor Loss of Savings A Brunswick, Georgia retiree has filed a Financial Industry Regulatory Authority (FINRA) arbitration case against broker-dealer MML Investors Services, LLC. The investor contends that a broker from the firm overconcentrated his IRA and a non-IRA account in CNL Lifestyle Properties, which…
FINRA Bars Former Charlotte, North Carolina Financial Advisor The Financial Industry Regulatory Authority (FINRA) arbitration has permanently barred Gary Wayne Hammond, an ex-North Carolina broker, following allegations that he took part in more than $1.6M in private securities transactions without having given written notice to his then-firm. The transactions appear…
Ex-Merrill Lynch Broker Will Pay $5M Penalty and Serve Time In Prison A federal judge has sentenced Thomas Buck, an ex-Merrill Lynch broker, to 40 months in prison. Buck pleaded guilty to securities fraud in 2017. As part of his plea, he admitted to lying to Merrill about telling clients about…
The Financial Industry Regulatory Authority (FINRA) has suspended former Securities America broker Michael D. Jackson for six months following allegations that he traded options in one client’s account without telling the brokerage firm. Securities America has since fired Jackson. According to the self-regulatory authority (SRO), in 2016, the ex-Securities America…