Merrill Lynch's Scott Madison Allegedly Churned Investor's Account
The Financial Industry Regulatory Authority (“FINRA”) reports troubling information about Merrill Lynch securities broker Scott Madison (CRD#: 4323032, Beverly Hills, California). Namely, at least two of Madison’s clients contested his sales practices. These client disputes raise serious questions about whether Madison made unauthorized trades and provided poor investment advice. Here’s more:
Merrill Lynch Client Indicates That Scott Madison Churned Account
Evidently, a client of Merrill Lynch brought FINRA Arbitration #: 19-03299 on November 7, 2019. First of all, the client indicated that Scott Madison made unauthorized trades. It appears that Madison purchased or sold OTC equities without the client’s knowledge or permission. Secondly, the client alleged that the broker made unsuitable recommendations. Perhaps Madison failed to have a reasonable basis to believe that the OTC equities were suitable when taking into account the client’s risk tolerance or other criteria. Finally, Madison allegedly churned the client’s account from 2017 to 2019. It is possible that Madison traded mainly to generate commissions from the client. For this reason, the client demanded $600,000 in compensatory relief in this ongoing matter.
Credit Suisse Client Suggests That Madison Arranged Bad Auction Rate Securities Transaction
Previously, Scott Madison worked for Credit Suisse Securities. Apparently, one of his Credit Suisse clients brought FINRA Arbitration #: 11-02968. Namely, the client suggested that Madison recommended or sold a bad auction rate security (ARS) which poorly performed. It is also possible that Madison misrepresented the asset backed debt security as safe, which caused the client to invest in the first place. Evidently, Credit Suisse Securities opted to pay the client $800,000 to resolve the dispute.
Losses Because Of Scott Madison’s Investment Recommendations?
Lars Soreide Highest Ethical Standard Award 2018
Have you experienced losses from unsuitable recommendations or sales by Merrill Lynch securities broker Scott Madison? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.
Investors possibly experienced sales practice violations by securities broker Kyle W. Steibel [CRD: 6631554, Belleville, Illinois], according to disclosures on FINRA BrokerCheck. Evidently, Kyle Steibel worked for CUNA Brokerage Services Inc. from May 20, 2020, to February 16, 2022. Continue reading to find out more about the disclosures involving Steibel. Cuna Brokerage Services Inc. Investor […]
Investors might have sustained losses because of securities broker Stephen Thomas Kerutis (also known as Steve Kerutis) [CRD: 2345517, Loudon, Tennessee], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Kerutis has worked for Cetera Advisors LLC since November 21, 2023, and for Cetera Investment Advisers LLC since March 21, 2024. Previously, […]
Investors apparently complained about securities broker Kevin Michael Dery [CRD: 2807430, Fort Lauderdale, Florida], according to publicly available information on FINRA BrokerCheck. Evidently, Dery has been registered with Wells Fargo Advisors Financial Network LLC and Wells Fargo Advisors since March 3, 2022, both located in Fort Lauderdale, Florida. Previously, Dery worked for Merrill Lynch in […]
Contact us Nationwide USA
2401 E. Atlantic Blvd., Suite 305, Pompano Beach, FL 33062