Former Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker Sonia Balfour-Fears Accused of Churning Customer Accounts
Posted on Tuesday, October 12th, 2021 at 12:52 am
Erez Law is currently investigating former Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Sonia Balfour-Fears (CRD# 5864524) regarding churning. Balfour-Fears has been registered with Morgan Stanley in Atlanta, Georgia since January 2021. Previously, Balfour-Fears was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Atlanta, Georgia from 2011 to 2021.
Balfour-Fears has been the subject of two customer complaints between 2019 and 2021, one of which was denied, according to his CRD report:
April 2021. “The customer alleges unsuitable investment recommendations, misrepresentation and churning from 2016 until 2020.” The case is currently pending. The complaint was regarding cash management and loan management accounts.
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 Balfour-Fears’ 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.