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Former Merrill Lynch Broker, Patrick Brown, Has Disclosed Settlement of $1.2 Million For The Alleged Fraudulent Transfer Of Stocks

Patrick Brown (CRD#: 6089009) is a previously registered Broker and previously registered Investment Advisor. He entered the securities industry in 2012 and previously worked for Merrill Lynch, Pierce, Fenner & Smith, Inc.

 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2020, received an allegation against Patrick Brown. The allegation states, “The customer alleges the fraudulent transfer of stocks.” The customer dispute was settled for $1,347,000.

 

Patrick Brown has not been the subject of any additional disclosures.

 

For a copy of Patrick Brown’s FINRA BrokerCheck, click here.

 

FINRA regulations require that a customer’s written authorization is required before a broker-dealer can carry out transactions in the customer’s account. In addition, the broker-dealer’s member firm needs to approve the broker-dealer’s authorization. These measures are intended to protect the customer. Discretionary trading allows the broker-dealer to unilaterally decide to buy or sell securities at any price and not have to check with the client first. Exercising discretion without authorization can be costly to investors, and broker-dealers and their member firms, too.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.

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