Stoltmann Law Offices is investigating John Moy, a registered broker with Merrill Lynch in West Palm Beach, Florida. Moy allegedly placed $313,000 of a client couple’s money into high-risk investments that were inappropriate for the clients, based on their ages, net worth and investment objectives. The clients were elderly. He placed many of their investments into securities such as Memorial Production Partners (MEMP) and OCH-ZIFF Cap Management Group (OZM). The clients told Moy that they were looking to generate an income to sustain them through retirement without risking their principal. In the lawsuit against him, Moy allegedly allocated a high percentage of the Claimants net worth into MEMP and OZM. On all positions, Moy did not use stop losses or do anything to protect the downside even when the stocks were going negative. Maintaining the over-concentrated positions like Moy did, was unsuitable for the clients. Oil concentrations especially are extremely volatile and unsuitable for many investors. The lawsuit against Humphrey alleges negligence, breach of fiduciary duty, negligent supervision and breach of contract.
According to his online FINRA BrokerCheck report, Mr. Moy was registered with Salkin, Welch & Co., Brokers Exchange, Wheat, First Securities, Prudential-Bache Securities, Painewebber Inc., Laidlaw Adams & Peck, E.F. Hutton & Co., Lehman Brothers, Dean Witter Reynolds, Prudential Securities and Wachovia Securities. He is currently registered with Merrill Lynch in West Palm Beach, Florida and has been since September 2005. He has six customer disputes against him. Please call our securities law firm today at 312-332-4200 to find out how you may be able to sue Merrill Lynch in the arbitration forum on a contingency fee basis if you suffered losses with Mr. Moy. The call to us is free with no obligation. We are based in Chicago, Illinois.
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