Former Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker Debra Lambert Municipal Bond Losses
Posted on Wednesday, February 5th, 2020 at 10:42 pm
Erez Law is currently investigating former Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Debra Lambert (CRD# 2238553) regarding municipal bond losses. Lambert was registered with Raymond James & Associates, Inc. in The Villages, Florida from 2014 to 2017. Previously, Lambert was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Smithtown, New York from 2007 to 2014.
Lambert has been the subject of three customer complaints between 2015 and 2018, one of which was closed without action, according to his CRD report:
September 2018. “The Customer alleges excessive trading, unsuitable investment recommendations and misrepresentation from 2007 until May 2014.” The complaint took place while Lambert was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated and was regarding mutual funds.
February 2015. “The customer alleges unsuitable investment recommendations, unauthorized trading and excessive trading from June 2011 to April 2014.” The customer sought $326,515.64 in damages and the case was settled for $47,000. The complaint took place while Lambert was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated and was regarding municipal mutual funds.
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, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Lambert’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.