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The Securities Arbitration Law Firm of KlaymanToskes Investigates Claims Against Merrill Lynch on Behalf of Customers of Gary Harrison Lane

September 6, 2012

The Securities Arbitration Law Firm of KlaymanToskes announced today that it is investigating potential claims against Banc of America Investment Services n/k/a Merrill Lynch on behalf of customers of Gary Harrison Lane. Lane has been indicted on federal charges related to duping elderly and inexperienced investors of at least $2 million with a long-running ponzi scheme involving U.S. treasury bonds. Earlier this month, Lane was booked into the Washoe County Jail on a warrant charging him with the Reno federal grand jury’s Aug. 8 indictment, and a warrant on a 2011 Reno police charge related to bounced checks. The indictment charges Lane with 12 counts of mail fraud related to a 12 investors who gave him about $2.1 million, combined, between March 2010 and March 2011. It alleges that Lane deposited their money into E*Trade accounts, while the investors were led to believe that he was purchasing U.S. Treasury Bonds on their behalf.  The indictment also said Lane’s alleged fraud started at least in May 2002, and continued until March 7, 2011. It added that Lane targeted investors who were elderly, or who had no investment experience.

From July 1999 through October 2009, Lane was registered with Banc of America Investment Services (“BAIS”). Thereafter, from October 2009 through March 2011, Lane was registered with Merrill Lynch. BAIS is now known as Merrill Lynch. Under FINRA Rules, these firms were obligated to properly supervise the activities of Lane during the time he was registered with the brokerages. Accordingly, Merrill Lynch may be liable for failing to supervise Lane’s activities while registered at these firms, and could potentially be responsible for compensating customers of Lane for their losses. According to Lane’s CRD report, at least three customers have filed complaints concerning the conduct discussed above. One claim for $950,000, filed in April 2011, was settled for $987,094. Another, seeking damages of $250,000, settled for $345,064.

Customers of Gary Harrison Lane, BAIS and/or Merrill Lynch can contact KlaymanToskes to explore their legal rights and options. The attorneys at KlaymanToskes are dedicated to pursuing claims on behalf of investors who have suffered investment losses. KlaymanToskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation.  It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.