According to Financial Industry Regulatory Authority (FINRA) records, Dennis Merritt, a former JW Cole Financial broker in Clearwater, Florida, was suspended from the industry for four months. The disciplinary action stated that Merritt recommended unsuitable investments to clients, into which the clients put $115,000. Allegedly, when Merritt recommended the investments, he had not conducted adequate due diligence into whether the company was suitable for any client and he had no reasonable basis to recommend that investment to any client. He never reviewed the company’s financial projections, did not conduct research on its product, did not obtain information on its executives and did not request, obtain or review documents that had to do with the company. Merritt also falsely affirmed that he was complying with the firm’s private securities transactions policy. A broker must do his due diligence on any security that he recommends to his clients. If he does not, his firm may be responsible for investment losses.
Merritt was registered with EF Hutton & Company, Shearson Lehman Hutton, Empire National Securities Inc., Citicorp Financial Services, Citicorp Investment Services, Kemper Financial Services, Nationssecurities, Amsouth Investment Services, Morgan Keegan & Company, Wells Fargo Advisors, Cetera Investment Services and JW Cole Financial Inc. in Clearwater, Florida from March 2014 until June 2016. He is not licensed within the industry. Please call our securities law offices in Chicago today to speak to an attorney about your options of suing JW Cole, Merritt’s former firm, for investment losses. We take cases on a contingency fee basis. The call to us is free so please call today.
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