Former Merrill Lynch broker Lyle Boudreaux was accused of making an inappropriate investment, breaching contract, violating state securities laws, negligence and for a client of his suffering losses as a result of an exchange-traded fund position in an advisory account. These are all against securities laws and internal firm rules. A brokerage firm like Merrill Lynch has a duty to its customers to properly monitor and supervise all its employees. If it does not, it can be held liable for losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum. According to FINRA online records, Mr. Boudreaux was previously registered with Dean Witter Reynolds, PFS Investments, Sterne, Agee & Leach, Fixed Income Securities, Coastal Securities, Merrill Lynch and Sunbelt Securities. He is currently registered with Independent Financial Group in Houston, Texas, and has been since August 2012. He has three customer disputes against him, two of which are currently pending.
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