Former Merrill Lynch, Pierce, Fenner & Smith, Inc. Broker Michael Lackwood Speculative Securities Losses

Posted on Monday, September 16th, 2019 at 8:00 pm    

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Erez Law is currently investigating former Merrill Lynch, Pierce, Fenner & Smith, Inc. broker Michael Lackwood (CRD# 4742917) regarding risky and speculative securities losses. Lackwood has been registered with APW Capital, Inc. in Rockaway, New Jersey since August 2019. Previously, Lackwood was registered with Oppenheimer & Co. Inc. in New York, New York from 2011 to 2018 and previously with Merrill Lynch, Pierce, Fenner & Smith, Inc. in New York, New York from 2006 to 2011, when he was terminated regarding, “Conduct in connection with loans made by certain clients serviced by the registered representative to other Merrill Lynch clients and to third parties that were paid from loan management accounts opened by clients serviced by the registered representative at Merrill Lynch.”

Lackwood has been the subject of two customer complaints between 2018 and 2019, one of which was withdrawn, according to his CRD report:

May 2019. “Client Alleges that her former financial advisor did not follow her instructions to sell. Claimant alleges unsuitability and misrepresentations related to allegedly risky and speculative securities. Claimant additionally alleges that an order to sell was not complied with. Claimant further alleges negligence, breach of fiduciary duty, fraud and fraudulent concealment. From 1/1/2014 to 6/30/2018.” The customer is seeking $500,000 in damages and the case is currently pending. This case is regarding options and 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, Inc. may be liable for investment or other losses suffered by Lackwood’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.