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FINRA Sanctions Former Financial Advisor Richard Hogan Over Selling Away Transactions

July 28, 2022

The Financial Industry Regulatory Authority (FINRA) sanctioned Former Merrill Lynch Financial Advisor Richard Hogan with a 12 month suspension and a $10k fine. The financial advisor allegedly participated in unauthorized investment transactions, also called selling away, in violation of securities industry rules. Richard Hogan solicited 3 Merrill Lynch investors to invest approximately $630,000 in private securities actions in Asia-based funds, without approval or knowledge of Merrill Lynch.

According to FINRA, the self-regulatory organization, financial advisor Richard Hogan allegedly violated securities industry rules in five transactions. The broker-dealer “unlawfully induced” or tried to induce customers to buy stock before completing the offerings in the aftermarket.

Violations allegedly included:

FINRA found that Richard Hogan:

  • “did not provide written notice to Merrill Lynch prior to participating in private securities transactions”
  • misrepresented to Merrill Lynch that “he had personally invested in the Hong Kong equity fund but attested that he had not co-invested with customers or solicited others in connection with the investment.” Contrary to this representation, two of his customer’s had invested in the same fund, based upon Hogan’s recommendation, prior to his disclosure to Merrill Lynch.
Seasoned Selling Away Lawyers

Brokerage firms are responsible for all of their financial advisors’ business activities whether disclosed or not. KlaymanToskes represents many investors that have suffered losses due to selling away. If you suffered losses in private investment opportunities after a recommendation from financial advisor Richard Hogan, call Lawrence Klayman, Esq. at 888-997-9956 today.

About KlaymanToskes

KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents all investors who have lost money due to financial fraud or mismanagement. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.

Contact

KlaymanToskes

Lawrence L. Klayman, Esq.

888-997-9956

lklayman@klaymantoskes.com

www.klaymantoskes.com