How to Bring a Claim Against Merrill Lynch Broker Jeffrey Smith
Posted on Tuesday, July 9th, 2019 at 2:42 pm
Erez Law is currently investigating Merrill Lynch broker Jeffrey Smith (CRD# 1908011) regarding unsuitable investment recommendations. Smith has been registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Farmington Hills, Michigan since 1989.
Smith has been the subject of eight customer complaints between 2005 and 2019, one of which was denied, according to his CRD report:
April 2019. “The customer alleges unsuitable investment recommendations and failure to follow instructions.” The case is currently pending and was involving mutual funds.
February 2019. “The customer alleges unsuitable investment recommendations.” The case is currently pending and was involving equity OTC.
October 2016. “The Customer alleges unsuitable investment recommendations from March 2015 to October 2016.” The case was settled for $50,000. This case was regarding equity OTC.
August 2016. “The Customer, through his Attorney in Fact, alleges unsuitable investment recommendations from March 2014 to April 2016.” The customer sought $69,680 in damages and the case was settled for $42,980. This case was regarding common and preferred stocks.
August 2015. “The customers allege unsuitable investment recommendations, unauthorized trading and misrepresentation and omission of material facts from January 2014 to July 2015.” The customer sought $200,000 in damages and the case was settled for $80,000. This case was regarding exchange traded funds (ETFs).
March 2008. “The customer alleges unauthorized trading, misrepresentation and unsuitability regarding auction rate securities.” The case was settled for $1,100,000. This case was regarding closed-end funds (CEFs).
August 2005. “Customer alleges FA made unsuitable investments.” The customer sought $500,000 in damages and the case was settled for $24,500. This case was regarding common and preferred stocks.
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 Smith’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.