Can you recover losses due to recommendations by former Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Elan Sanker (CRD# 5580543)? He was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Pennington, New Jersey, from 2018 to 2023, when he was terminated regarding, “Conduct including entering into a financial arrangement with a client; failure to disclose an outside business activity and using a personal device for business purposes.
He was registered with Northwestern Mutual Investment Services, LLC in Jamison, Pennsylvania, from March to August 2018, and Edward Jones, in Yardley, Pennsylvania, from 2014 to 2016.
In October 2024, FINRA barred him after he “consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during the course of an investigation that originated from FINRA’s review of a Form U5 submitted by his member firm. The findings stated that the Form U5 disclosed that Sanker had been discharged for conduct including entering into a financial arrangement with a client; failure to disclose an OBA and using a personal device for business purposes.”
Elan Sanker Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
February 2023. “Customer alleges selling away in January 2018.” The customer sought $400,000 in damages, and the case was settled for $217,500. The complaint was regarding promissory note losses, and it took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Merrill Lynch, Pierce, Fenner & Smith Incorporated may be liable for investment or other losses suffered by Elan Sanker’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
