Tag: Merrill Lynch

Joseph Chu, California Resources Corporation, Denbury Resources and Whiting Petroleum Investigation

Joseph Chu, California Resources Corporation, Denbury Resources and Whiting Petroleum Investigation

KlaymanToskes (“KT”), a national securities law firm, continues to investigate the sales practices of former Merrill Lynch and current RBC Capital Markets broker, Joseph Ijong Chu (“Chu”), concerning his handling of discretionary accounts and concentration in Energy sector securities. The concentrated investments include California Resources Corporation (NYSE: CRC), Denbury Resources, Inc. (NYSE: DEN), and Whiting Petroleum Corporation (NYSE: WLL). These companies declared Chapter 11  bankruptcy in 2020, and have since restructured. According to FINRA BrokerCheck, there are pending FINRA arbitration claims involving Chu’s unsuitable recommendations and/or overconcentration in the Energy sector while employed by Merrill Lynch and/or RBC Capital Markets.…

FINRA Suspends Former Merrill Lynch Broker Scott Ryland Mathews for Early Rollovers of Unit Investment Trusts

FINRA Suspends Former Merrill Lynch Broker Scott Ryland Mathews for Early Rollovers of Unit Investment Trusts

FINRA recently disclosed that former Merrill Lynch broker Scott Ryland Mathews agreed to a Letter of Acceptance, Waiver and Consent (AWC), Case # 2018060359901, relating to engaging in an unsuitable pattern of early rollovers of Unit Investment Trusts (“UITs”). Because of the long-term nature of UITs, their structure, and their costs, short-term trading of UITs may be unsuitable. As discussed on our recent blog post, FINRA also recently disclosed that Merrill Lynch agreed to an Acceptance, Waiver and Consent (AWC), Case #2017053437701, relating to its failure to establish and maintain a supervisory system that was reasonably designed to achieve compliance…

FINRA Suspends Merrill Lynch Broker Kelly Feehrer for Early Rollovers of Unit Investment Trusts

FINRA Suspends Merrill Lynch Broker Kelly Feehrer for Early Rollovers of Unit Investment Trusts

FINRA recently disclosed that Merrill Lynch broker Kelly Wayne Feehrer agreed to a Letter of Acceptance, Waiver and Consent (AWC), Case # 2018060356501, relating to engaging in an unsuitable pattern of early rollovers of Unit Investment Trusts (“UITs”). Because of the long-term nature of UITs, their structure, and their costs, short-term trading of UITs may be unsuitable. As discussed on our recent blog post, FINRA also recently disclosed that Merrill Lynch agreed to an Acceptance, Waiver and Consent (AWC), Case #2017053437701, relating to its failure to establish and maintain a supervisory system that was reasonably designed to achieve compliance with…

Unit Investment Trust Early Rollovers at Merrill Lynch Prompt Millions in FINRA Fines

Unit Investment Trust Early Rollovers at Merrill Lynch Prompt Millions in FINRA Fines

FINRA recently disclosed that Merrill Lynch agreed to an Acceptance, Waiver and Consent (AWC), Case #2017053437701, relating to its failure to establish and maintain a supervisory system that was reasonably designed to achieve compliance with FINRA’s suitability rule as it pertains to early rollovers of Unit Investment Trusts (“UITs”). Because of the long-term nature of UITs, their structure, and their costs, short-term trading of UITs may be unsuitable. What is a Unit Investment Trust? A Unit Investment Trust is a SEC-registered investment company that offers investors shares or “units” in a fixed portfolio of securities in a one-time public offering.…

ATTENTION CUSTOMERS WITH ACCOUNTS SERVICED BY FINANCIAL ADVISOR JOSEPH IJONG CHU – KlaymanToskes Files FINRA Arbitration Claim against Merrill Lynch and RBC Seeking $1,000,000 on Behalf of Investors

ATTENTION CUSTOMERS WITH ACCOUNTS SERVICED BY FINANCIAL ADVISOR JOSEPH IJONG CHU – KlaymanToskes Files FINRA Arbitration Claim against Merrill Lynch and RBC Seeking $1,000,000 on Behalf of Investors

KlaymanToskes (“KT”) announces that it recently filed a claim for breach of fiduciary duty seeking $1,000,000 against Merrill Lynch (NYSE: BAC) and RBC Capital Markets (“RBC”) on behalf of investors who had discretionary accounts mishandled by Joseph Ijong Chu (“Chu”).  A discretionary account is one that allows an authorized broker, in this case Chu, to buy and sell securities without client consent on each trade and is based on a client consent granting this authorization in writing.  This type of relationship is especially one of trust. According to the claim, the investors gave Chu discretion to invest their hard-earned savings…

ATTENTION UPS EMPLOYEES WITH MERRILL LYNCH ACCOUNTS: KlaymanToskes Continues to Investigate Claims for UPS Employees with Losses from Unsuitable Covered Call Writing Strategies

KlaymanToskes (“KT”) continues to investigate and pursue FINRA arbitration claims against Merrill Lynch on behalf of UPS (NYSE: UPS) current and former employees for losses sustained from an unsuitable recommendation to employ a covered call writing strategy. Many UPS employees were solicited to invest with Merrill Lynch after UPS stock went public in 1999.  Merrill Lynch and its financial advisors recommended to many UPS employees a covered call options writing strategy, sometimes recommending the Rampart Options Management Services Program (“Rampart”) to facilitate the strategy that would generate income to help cover the cost of the UPS employees’ hypo loans.  The…

ATTENTION MERRILL LYNCH CUSTOMERS WITH ACCOUNTS AT BOSTON BRANCHES: KlaymanToskes Commences Investigation for Potential Negligent Supervision of Financial Advisors and Customer Accounts

ATTENTION MERRILL LYNCH CUSTOMERS WITH ACCOUNTS AT BOSTON BRANCHES: KlaymanToskes Commences Investigation for Potential Negligent Supervision of Financial Advisors and Customer Accounts

National investment fraud law firm, KlaymanToskes (“KT”), has commenced an investigation in light of a recent regulatory action concerning Merrill Lynch (NYSE:BAC) and its Boston Financial Center branch, which also oversees the Back Bay, Cambridge, Andover, and Beverly branches.  The New Hampshire Department of State, Bureau of Securities Regulation recently began an investigation into the trading practices of Merrill Lynch. Merrill Lynch paid one investor $40 million, the largest settlement to an individual in recent FINRA history, based on the allegations that eventually lead to the termination of Merrill Lynch financial advisor, Charles Ernest Kenahan (“Kenahan”) from its Boston Financial…

ATTENTION UPS EMPLOYEES WITH RAMPART ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate Claims for UPS Employees with Losses from Unsuitable Covered Call Writing Strategies

ATTENTION UPS EMPLOYEES WITH RAMPART ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate Claims for UPS Employees with Losses from Unsuitable Covered Call Writing Strategies

KlaymanToskes (“KT”), www.klaymantoskes.com, continues to investigate and pursue FINRA arbitration claims against Merrill Lynch on behalf of UPS (NYSE: UPS) employees for losses sustained from an unsuitable recommendation to invest in the Rampart Options Management Services Program (“Rampart”). According to multiple FINRA claims, Merrill Lynch employed an unsuitable covered call writing strategy. After hard-working UPS employees accumulated thousands of UPS shares through UPS’s Employee Stock Purchase Program and the Manager Incentive Program, they were solicited to invest with Merrill Lynch.  Merrill Lynch and its financial advisors recommended Rampart to facilitate the unsuitable investment strategy of selling covered call options on…

NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate and Pursue Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate and Pursue Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

KlaymanToskes (“KT”), www.klaymantoskes.com, continues to investigate FINRA arbitration claims for current and former UPS (NYSE: UPS) employees with accounts at Merrill Lynch, for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to multiple FINRA claims, Merrill Lynch employed an unsuitable covered call writing strategy. After hard-working UPS employees accumulated thousands of UPS shares through UPS’s Employee Stock Purchase Program and the Manager Incentive Program, they were solicited to invest with Merrill Lynch.  Merrill Lynch recommended a call writing strategy, to earn stable income.  The strike prices that the call options were sold at were…

ATTENTION MERRILL LYNCH CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

ATTENTION MERRILL LYNCH CUSTOMERS WITH OIL & GAS INVESTMENTS RECOMMENDED BY THEIR FINANCIAL ADVISOR – KlaymanToskes Commences Investigation on Behalf of Investors Who Sustained Losses in Excess of $250,000

KlaymanToskes (“KT”), http://www.klaymantoskes.com, announces an investigation on behalf of investors with Merrill Lynch (NYSE:BAC) accounts who sustained losses from investments in the Energy Sector, High Yield Debt, and investments tied to the Alerian MLP Index, including Master Limited Partnerships (“MLPs”), Exchange Traded Funds (“ETFs”), Exchange Traded Notes (“ETNs”), and Business Development Companies (“BDCs”).  These investments may have been marketed and sold to customers who were risk averse, such as retirees or other conservative investors, that were seeking income and capital preservation and were not explained the potential risks. Investments in Oil & Gas are historically risky during times of volatility…

NOTICE TO MERRILL LYNCH CUSTOMERS WITH MARGIN ACCOUNTS: KlaymanToskes Commences Investigation into Damages Sustained by Investors Who were Forced to Sell Securities Due to Margin Calls

KlaymanToskes (“KT”), www.klaymantoskes.com, announced today that it is investigating damages sustained by investors with Merrill Lynch (NYSE:BAC) (“Merrill”) accounts who were forced to sell securities due to margin calls.  The investigation focuses on Merrill’s potential negligence and mismanagement of leveraged accounts.  Recently, investors quickly saw the major stock indices lose significant value after closing on Friday, February 21, 2020, at near 52-week highs.  The market volatility has been precipitated by COVID-19.  Many investment portfolios, like the stock indices, have also seen tremendous declines, leaving leveraged accounts especially at risk of margin calls. The use of securities in an investment account…

NOTICE TO UPS EMPLOYEES: KlaymanToskes Continues to Investigate on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

BOCA RATON, FL, February 5, 2020 – KlaymanToskes (“KT”), www.klaymantoskes.com, continues to investigate and pursue FINRA arbitration claims for current and former UPS (NYSE: UPS) employees for losses sustained from unsuitable covered call writing strategies. The investigation focuses on full-service brokerage firms’ sales practices for customers who acquired UPS stock through UPS’s Employee Stock Purchase Plan or Managers Incentive Program and were advised to implement a covered call strategy on their concentrated UPS stock position. KT continues to investigate and pursue claims on behalf of current and former UPS employees, who held concentrated positions in UPS stock. UPS employees received…

NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT THE MERRILL LYNCH TAMPA, FLORIDA BRANCH OFFICE: KlaymanToskes Continues to Investigate Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

BOCA RATON, FL – February 3, 2020 – KlaymanToskes (“KT”), www.klaymantoskes.com, continues to investigate FINRA arbitration claims for current and former UPS (NYSE: UPS) employees for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to KT, Merrill Lynch employed an unsuitable covered call writing strategy.  After hard-working UPS employees accumulated thousands of UPS shares through UPS’s Employee Stock Purchase Program and the Manager Incentive Program, they were solicited to invest with Merrill Lynch, including one former UPS employee who invested at the Merrill Lynch, Tampa, Florida branch office.  Merrill Lynch recommended a call writing…

NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT MERRILL LYNCH: KlaymanToskes Continues to Investigate and Pursue Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

BOCA RATON, FL – January 31, 2020 – KlaymanToskes (“KT”), www.klaymantoskes.com, continues to investigate FINRA arbitration claims for current and former UPS (NYSE: UPS) employees with accounts at Merrill Lynch, for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to multiple FINRA claims, Merrill Lynch employed an unsuitable covered call writing strategy. After hard-working UPS employees accumulated thousands of UPS shares through UPS’s Employee Stock Purchase Program and the Manager Incentive Program, they were solicited to invest with Merrill Lynch.  Merrill Lynch recommended a call writing strategy, to earn stable income.  The strike prices…

NOTICE TO UPS EMPLOYEES WITH MERRILL LYNCH ACCOUNTS: Klayman & Toskes, P.A. Files FINRA Arbitration Claim for $500,000 Against Merrill Lynch on Behalf of Former UPS Employee Who Sustained Losses from Unsuitable Covered Call Writing Strategies

BOCA RATON, FL, January 26, 2018 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, announced today that it filed a claim against Merrill Lynch on behalf of a former UPS (NYSE:UPS) employee for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to the claim, the Claimant worked with UPS for 39 years. He accumulated more than 33,000 shares through the UPS Employee Stock Purchase Program and the Manager Incentive Program. He invested his shares with Merrill Lynch, who recommended a call writing strategy, to earn present income. The strategy…

NOTICE TO UPS EMPLOYEES WITH ACCOUNTS AT THE MERRILL LYNCH TAMPA, FLORIDA BRANCH OFFICE: Klayman & Toskes, P.A. Continues to Investigate and Pursue Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

BOCA RATON, FL – April 5, 2018 – Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, continues to investigate FINRA arbitration claims for UPS (NYSE: UPS) employees with accounts at the Merrill Lynch Tampa, Florida, branch office, for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to multiple claims, the Tampa, Florida branch office employed an unsuitable covered call writing strategy. After hard-working UPS employees accumulated thousands of UPS shares through UPS’s Employee Stock Purchase Program and the Manager Incentive Program, they were solicited to invest with Merrill Lynch, at the Tampa, Florida branch office. Merrill Lynch recommended a…

NOTICE TO UPS EMPLOYEES WITH MERRILL LYNCH ACCOUNTS: Klayman & Toskes, P.A. Continues to Investigate and Pursue Claims on Behalf of UPS Employees Who Sustained Losses from Unsuitable Covered Call Writing Strategies

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, continues to investigate and pursue claims for current and former UPS (NYSE: UPS) employees with Merrill Lynch accounts, for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. K&T recently filed a claim against Merrill Lynch on behalf of a former UPS (NYSE:UPS) employee for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to the claim, the Claimant, worked with UPS for 31 years.  He accumulated more than 29,000 shares through the UPS’s Employee Stock Purchase Program and…

NOTICE TO UPS EMPLOYEES WITH MERRILL LYNCH ACCOUNTS: Klayman & Toskes, P.A. Files Claim for $500,000 Against Merrill Lynch on Behalf of Former UPS Employee Who Sustained Losses from Unsuitable Covered Call Writing Strategies

BOCA RATON, FL, January 26, 2018 (GLOBE NESSWIRE) – The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, announced today that it has filed a claim against Merrill Lynch on behalf of a former UPS (NYSE:UPS) employee for losses sustained from unsuitable covered call writing strategies for concentrated UPS stock positions. According to the claim, the Claimant, worked with UPS for 31 years.  He accumulated more than 29,000 shares through the UPS’s Employee Stock Purchase Program and the Manager Incentive Program.  He invested his shares with Merrill Lynch, who recommended a call writing strategy, to earn present…

NOTICE TO UPS EMPLOYEES/SHAREHOLDERS: Klayman & Toskes, P.A. Files $1,000,000 FINRA Arbitration Claim on Behalf of Retired UPS Employee for Losses Suffered as a result of Merrill Lynch’s Unsuitable Recommendation to Invest in Rampart Strategy

NOTICE TO UPS EMPLOYEES/SHAREHOLDERS: Klayman & Toskes, P.A. Files $1,000,000 FINRA Arbitration Claim on Behalf of Retired UPS Employee for Losses Suffered as a result of Merrill Lynch’s Unsuitable Recommendation to Invest in Rampart Strategy

NEW YORK, March 13, 2017 (GLOBE NEWSWIRE) — The securities arbitration law firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, has filed a $1,000,000 FINRA arbitration claim [FINRA Case No. 17-00599] on behalf of retired United Parcel Service (“UPS”) (NYSE: UPS) employee for losses suffered as a result of Merrill Lynch’s unsuitable recommendation to invest in Rampart Strategy. According to K&T, the investigation focuses on Merrill Lynch’s sales practices for customers who acquired UPS stock through UPS’ Employee Stock Purchase Plan or Managers Incentive Program and were advised by Merrill Lynch to implement a covered call strategy on their concentrated…

NOTICE TO MERRILL LYNCH PUERTO RICO BOND AND BOND FUND INVESTORS: Klayman & Toskes, P.A. Continues to Investigate FINRA Arbitration Claims against Merrill Lynch for its Margin Lending Practices Related to Concentrated Investments in Puerto Rico Bonds and Bond Funds

NOTICE TO MERRILL LYNCH PUERTO RICO BOND AND BOND FUND INVESTORS: Klayman & Toskes, P.A. Continues to Investigate FINRA Arbitration Claims against Merrill Lynch for its Margin Lending Practices Related to Concentrated Investments in Puerto Rico Bonds and Bond Funds

San Juan, Puerto Rico–December 5, 2016.  The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (“K&T”), www.klaymantoskes.com, continues to investigate FINRA arbitration claims against Merrill Lynch, a subsidy of Bank of America, N.A. (NYSE:BAC), for its margin lending practices related to concentrated investments in Puerto Rico bonds and leveraged closed-end bond funds (CEBFs). The Financial Industry Regulatory Authority (FINRA) recently fined Merrill Lynch $6.25 million for failure to supervise the recommended use of borrowed funds to invest in securities. Additionally, Merrill Lynch agreed to “pay roughly $780,000 in restitution to 22 customers who had 75% or more of their assets invested in Puerto Rico…