Tag Archives: merrill lynch complaint

Jacquin P. Fink-Former Merrill Lynch Broker-Discloses almost $3.9M in Settlements and a Pending Customer Dispute-New York

June 2020-New York

According to publicly available records.  Jacquin P. Fink (CRD#207807), a  stockbroker who last worked for Merrill Lynch,  discloses 10 prior customer disputes and 1 pending 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.

From July of 1994 until December of 2019, 10 customers of Merrill, Lynch, , filed customer disputes alleging that Fink made unsuitable investment recommendations,  and other wrongdoing, including omission of material facts, misrepresentation, excessive trading, aggressive trading, unauthorized trading and churning.    These cases were settled for a cumulative amount of about $3.9 million.

In February of 2020 FINRA case #20-00416 was filed by a Merrill Lynch customer alleging unsuitable investment recommendations by Fink and seeks damages of $43,434.   This case is still pending.

Fink was employed by Merrill Lynch, Pierce, Fenner & Smith, Inc. from March of 1968 until January of 2020. He is not currently registered with any FINRA broker dealer.

If you had an account with Jacquin P. Fink  that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Lorenzo Esteva-Former Merrill Lynch Broker-Discloses Numerous Customer Disputes-Miami, FL

September 2018- Miami, FL

According to publicly available records Lorenzo Esteva  (CRD#2170595) , a  former stockbroker previously registered with Merrill Lynch , disclose a regulatory event,  six prior and one currently pending customer disputes, and a termination from employment.

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.   

In September 2017 Esteva was permanently barred from the securities industry by FINRA.   Esteva consented to the sanction and to the entry of findings that he failed to produce FINRA-requested documents and information as part of an investigation into customer complaints that Esteva provided falsified account statements to a customer from 2001 to 2017 and that he improperly journaled funds between accounts of two unrelated customers.

In June of 2017, a USB Financial Services customer filed a complaint alleging that Esteva moved money out his account without permission. This case was settled for $16,600.

In July of 2016 a Merrill Lynch, Pierce, Fenner & Smith customer filed a complaint alleging the Esteva made unauthorized trades and made misrepresentations to the customer.   The case was settled for $69,552 in 11/2016.

In currently pending FINRA case 18-0377 a customer of Merrill Lynch alleges that Esteva made unsuitable investment recommendations and is seeking damages of $2.5 million.

In June of 2017 Esteva was discharged from USB Financial Services after “he admitted providing a client with documents containing false account information.   Further investigation found that Financial Advisor (i) provided at least one more client with documents containing false account information and (ii) improperly journaled money between unrelated client accounts.”

Lorenzo Esteva was with USB Financial Services  from November of 2015 until June 2017.   Before that, he was employed with Merrill Lynch, Pierce, Fenner & Smith from August of 1991 until November of 2015.

If you have losses in an account handled by Lorenzo Esteva,  contact us for a no charge consultation to learn how you may be able to recover damages.

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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Joseph I. Yanofsky-Former Merrill Broker-Subject of $2.2M Customer Dispute-Greenwood, CO

April 2018-Greenwood Village, Colorado

According to FINRA records, former Merrill Lynch broker Joseph I. Yanofsky , discloses a recent regulatory suspension, a pending customer dispute, a termination from employment and 8 prior customer disputes that are final.

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.

In September 2017 Yanofsky was fined $10,000 and suspended for 20 business days to resolve FINRA allegations that he exercised discretion in nine customer accounts while at Merrill Lynch.

Yanofsky was registered with Merrill Lynch from 2/1990-5/2015, when he was discharged. In connection with his discharge  , Merrill made the following allegations:

“allegations relating to exercising discretion in non-discretionary accounts, providing inaccurate responses to related internal compliance questionnaires, directing an employee to enter trades utilizing another employee’s user identification and password and failing to report a customer complaint on a timely basis”

In FINRA Case 18-1924, a customer of Merrill Lynch alleges that Yanofsky failed to follow instructions, made unauthorized trades, excessively traded the account and made unsuitable investment recommendations in closed end funds from 2/2013-4/2015. Damages are alleged to be $2,268,095.

In a prior FINRA Case 15-2143, a Merrill Lynch customer alleged unsuitable recommendations and misrepresentations from 2012 to 2015 and sought damages of $400,000. That matter was settled in 7/2016 for $75,000.

Joseph Yanofsky is currently registered with First Financial Equity Corp. in Greenwood, CO.

If you have losses in an account handled by Joseph I. Yanofsky   you may be able to recover damages through FINRA arbitration. Call for a no charge consultation to discuss your 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Vicente Davila-Former Morgan Stanley Broker-Discloses Sanction/Customer Complaint/Discharged From Employment-Houston, TX

March 2019- Houston, TX

The FINRA records of Vicente Davila, a former stockbroker who was last employed by Morgan Stanley , disclose a recent regulatory sanction, a recently resolved customer dispute,  and a termination from employment.

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.

In 7/2018 FINRA permanently barred Davila from the securities industry for failing to respond to a FINRA request for information in connection with a FINRA investigation.

In February 2018 a customer of Morgan Stanley filed a complaint alleging that he had loaned money to Davila and that additional funds were missing from his account for the time period of June 2017 – December 2017. In February 2018 that matter was settled for $77,684.

Vicente Davila was employed by Morgan Stanley since 4/2016. In February 2018 he was discharged by Morgan Stanley who made the following allegations on Davila’s FINRA record: “Allegations regarding the representative’s undisclosed loan from a client and his conduct involving subsequent money transfers from the same client’s account to a personal bank account of the representative and his wife.”

Davila was employed by Merrill Lynch from 11/2009-5/2016 and with Morgan Stanley from 5/2016-2/2018.

If you have questions about an account handled by Vicente Davila contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

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.

Nationwide Representation

Rex Securities Law

National Toll Free: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Melvin S. Jacobs-Former Merrill Lynch Broker-Discloses Termination for Selling Unauthorized Investments-Houston, TX

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 and discloses an affiliation with Accumulus Advisors in Houston, TX. 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.”

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870