Published On: August 24, 2015

The Financial Industry Regulatory Authority (FINRA) is investigating Merrill Lynch because of its alleged failure to detect the activities of a former financial advisor, Gary Yin. Yin pleaded guilty to helping a client cover up an insider-trading scheme and money laundering scheme in 2012. He managed over $200 million in assets at a Merrill Lynch San Diego office, and pleaded guilty to conspiring to obstruct justice and launder money. He is to be sentenced today. Yin also allegedly altered records in Merrill Lynch’s computer system to distance himself from illicit trades, lied to Merrill compliance employees and created Virgin Islands shell companies to “conceal stock transactions from Merrill Lynch and others,” according to his plea agreement. Yin was registered with Merrill Lynch from September 1994 until May 2013. He is no longer licensed within the industry. If you invested money with Gary Yin, please call our securities law firm based in Chicago at 312-332-4200 to speak with an attorney. Because Merrill Lynch did not supervise Yin properly, you may be entitled to recover investment losses.

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