The Financial Industry Regulatory Authority (FINRA) has accused former Merrill Lynch broker, Adam C. Smith, of accepting $105,000 from two customers and using it to pay for his children’s schooling. Smith took a total of $26,000 from his clients, who were a married couple, which he then used for his children’s education. After one of the spouses died, the remaining spouse gave Mr. Smith and his wife additional funds totaling $53,000 for the children’s education. It is against FINRA rules and Merrill Lynch rules for a broker to accept money and/or gifts from customers. Mr. Smith was confronted by the firm and fired for this misconduct last May. Adam Curry Smith was registered with Merrill Lynch in New York, New York from November 2002 until February 2004, Banc of America Investment Services in Boston, Massachusetts from February 2004 until December 2004 and Merrill Lynch in Rogers, Arkansas from January 2005 until June 2016. He is currently not employed with any firm and not registered. Please call 312-332-4200 today to find out how you can recover your losses with Adam Smith. We are Chicago-based securities attorneys who take cases on a contingency fee basis only. There is no obligation.
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