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FINRA Suspends Former Merrill Advisor Over Unauthorized Trades

Posted on September 8th, 2022 at 1:48 PM
FINRA Suspends Former Merrill Advisor Over Unauthorized Trades

From the Desk of Jim Eccleston at ÍøÆØ³Ô¹Ï.

The Financial Industry Regulatory Authority (FINRA) has issued a 45-day suspension and a $5,000 fine on a former Merrill Lynch advisor who allegedly completed unauthorized trades in three separate client accounts.

The former California-based Merrill advisor, Conrad Branson, allegedly transacted 14 trades in an account for a client known as ‘Customer A’ between September 2019 and February 2020 without obtaining prior authorization, knowledge or consent, according to FINRA. FINRA further alleged that Branson completed trades in non-discretionary accounts without obtaining prior written consent from Customer A and two additional clients during the same time period.

According to FINRA, Merrill has reimbursed Customer A for $78,919 in losses. Branson, who was managing nearly $150 million in client assets, departed Merrill in June to join Birchwood ÍøÆØ³Ô¹Ïalth Advisors, which is affiliated with advisory firm aggregator Kingswood US. According to BrokerCheck, Branson also was involved in a previous client dispute related to unauthorized trading in April 2020, which settled for $34,341 while Branson did not contribute.

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: eccleston, eccleston law, advisors, finra

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