If you have suffered trading losses with Clearwater, Florida-based stockbroker Dennis M. Merritt (CRD#1748115), call today for a FREE Consultation regarding your investment loss recovery options.
According to FINRA reports, FINRA is currently investigating Dennis Merritt for allegedly “selling away” and has made a preliminary determination to sanction Mr. Merritt. Dennis M. Merritt is currently registered with J. W. Cole Financial, Inc., he was however, in 2013, terminated by his then-brokerage firm, Wells Fargo Advisors, LLC. for allegedly referring clients to an investment not offered through Wells Fargo Advisors, LLC. – also referred to as “selling away”.
In the securities industry, when a stockbroker invests in or sells investments that are not approved by the brokerage firm they are registered with, they are engaged in a type of misconduct that is called “selling away”. Generally speaking, stockbrokers are required to only sell investments that have been reviewed and approved by the brokerage firm they are registered with. Even if a broker sells investments that are not approved to investors, in many cases the brokerage firm may be held liable for losses in those investments even if the investment itself was not approved. Moreover, because brokerage firms have a regulatory duty to supervise its brokers and the transaction itself to ensure that securities are suitable for investors, brokerage firms may be held liable for “selling away” if investors suffer losses in unapproved investments.
If you are an investor who has suffered losses investing with Dennis M. Merritt, you may be able to recover your losses through FINRA arbitration or securities litigation. Please call Kons Law Offices at (312) 757-2272 for a FREE, NO OBLIGATION consultation to discuss your investment loss recovery options.
Kons Law Offices represents investors nationwide in securities arbitration and litigation matters. To learn more about the Firm’s securities litigation and FINRA arbitration practice, please visit www.investmentlossattorney.com.