March 2018 – Houston, TX
According to publicly available records , Melvin (“Mel”) S. Jacobs , (CRD# 1361940) , a stockbroker who was previously employed by Merrill Lynch, Pierce, Fenner & Smith, disclose that he was recently discharged by Merrill Lynch and a prior customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Jacobs is currently employed by Sunbelt Securities in Houston. He was employed by Merrill Lynch from 5/2009-1/2018. In December 2017 Merrill Lynch discharged Jacobs and made the following allegation on his FINRA record: “Conduct inconsistent with Firm policy regarding selling away.”
In the brokerage industry “Selling Away” is the inappropriate practice of a stockbroker soliciting and selling securities not held or offered by the brokerage firm he is employed by. Generally these are private deals that the firm has not performed any due diligence on.
If you have questions about an account in an account handled by Melvin S. Jacobs , contact us for a no charge consultation to discuss your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900