Unsuitable Investment Recommendations with Former Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker Christopher Eriksson

Merrill Lynch

Erez Law is currently investigating former Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Christopher Eriksson (CRD# 2487298) regarding unsuitable investment recommendations. He was with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Wayzata, Minnesota, from 2005 to 2020, when he was terminated regarding, “Conduct involving outside business activities including entering into a financial arrangement with a client without the Firm’s knowledge or approval.”

In November 2022, FINRA sanctioned him to pay a $10,000 civil and administrative penalty and fine and suspended him for six months after it was found he borrowed $350,000 from a customer, at a fixed interest rate, without notice or approval from Merrill Lynch, Pierce, Fenner & Smith Incorporated; he paid off the principal and interest of the loan in full. FINRA also found that he engaged in three outside business activities (OBAs), but failed to disclose these activities to Merrill Lynch, Pierce, Fenner & Smith Incorporated.

Christopher Eriksson Customer Complaints

He has been the subject of six customer complaints between 2002 and 2020, one of which was withdrawn, according to his CRD report. The most recent complaint was regarding: 

September 2020. “The customer alleges outside business activity when the Financial Advisor received a personal to loan from the customer in order to purchase real estate. The customer also alleges unsuitable investment recommendations and excessive trading.” The customer is seeking $20 million in damages, and the case is currently pending. The complaint was regarding options, personal loans, and trust accounts, 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 Christopher Eriksson’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.

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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.