Recently, a former customer of Merrill Lynch sued the firm in a California civil court for engaging in fraud. According to the lawsuit, the customer claimed that Merrill Lynch misused the customer’s cash that should have been deposited in a reserve account, and also engaged in complex options trades that lacked economic substance. Merrill Lynch was also accused of allegedly depriving its customers of interest and profits because of this. These are called leveraged conversion trades, and they reduced the firm’s required customer reserves by up to $5 billion per week. The firm was also accused of violating customer protection laws. Recently, the Securities and Exchange Commission (SEC) alleged that between 2009 and 2012, Merrill Lynch misused customer funds in leveraged options trades, and the bank agreed to pay $415 million and admitted wrongdoing. If you were a victim of Merrill Lynch and would like to speak with an attorney about how you may be able to recover your investment losses, please call 312-332-4200 today. There is no obligation. We may be able to sue Merrill Lynch in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis.
Disclaimer
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.
