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Merrill Lynch, Pierce, Fenner & Smith Inc. Financial Advisor Shawn Derek Slaydek

Posted on Monday, June 26th, 2017 at 3:41 pm    

Erez Law is currently investigating Merrill Lynch, Pierce, Fenner & Smith Inc. financial advisor Shawn Derek Slaydek (CRD# 2995404) regarding losses from investments in the high risk energy sector and triple leveraged exchange traded funds (ETFs). Slaydek has been registered with Merrill Lynch, Pierce, Fenner & Smith Inc. in Walnut Creek, California since 1998.

In May 2017, Slaydek’s former customer won an award in a FINRA arbitration for out-of-pocket losses in the amount of $300,000.00 plus attorneys’ fees and filing and forum fees. According to the award, the legal claims brought against Merrill Lynch and Slaydek included: unsuitability, common law fraud, breach of contract, negligent supervision, breach of fiduciary duty, and violation of the Securities Act of Washington.

The causes of action relate to Claimant’s investments in Gulf Keystone Petroleum Limited, and triple leveraged Exchange Traded Funds (“ETF”), including but not limited to Powershares ETF TR Dynamic Software Port, Small Cap Bull 3x Shares, Proshares Ultra Dow 30, Proshares Ultrashort QQQ, and Proshares TR Ultra S&P 500. The FINRA arbitration hearing was conducted in Seattle, Washington.

Slaydek’s CRD report currently shows a pending dispute from March 2016 that says, “The Customer alleges unsuitable investment recommendations and misrepresentation and omission of material facts from 2008 to 2016.” Slaydek requested to have his records expunged related to this arbitration.

According to the award, “The Panel recommends the expungement of all references to the above-captioned arbitration from registration records maintained by the Central Registration Depository (“CRD”), for unnamed party Shawn Sladek (CRD# 2995404), with the understanding that, pursuant to Notice to Members 04-16, unnamed party Shawn Sladek must obtain confirmation from a court of competent jurisdiction before the CRD will execute the expungement directive… The registered person was not involved in the alleged investment-related sales practice violation, forgery, theft, misappropriation, or conversion of 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, Merrill Lynch, Pierce, Fenner & Smith Inc. may be liable for investment or other losses suffered by Slaydek’s customers.

Erez Law represents investors in the United States for claims against Merrill Lynch, Pierce, Fenner & Smith Inc. financial advisor Shawn Derek Slaydek, who is alleged to recommend an unsuitable investment strategy concentrated in high risk oil and gas securities and triple leveraged exchange traded funds. If you were a client of Merrill Lynch, Pierce, Fenner & Smith Inc. financial advisor Shawn Derek Slaydek or another firm, 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.