Financial Advisor Shaun Hayes (Merrill Lynch, Pierce, Fenner & Smith) Customer Complaints

• July 27, 2018
• Merrill Lynch
• Unauthorized Trading

The Wolper Law Firm, P.A. is currently investigating claims against Shaun Hayes, a former Financial Advisor at Merrill Lynch in Fort Worth, Texas.  Jennifer Ling has been in the securities industry since the 2005 and previously worked AXA Advisors.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Shaun Hayes has seven customer complaints, alleging sales practice violations, including two pending complaints.  The complaints principally allege that Shaun Hayes placed trades in customers accounts without first obtaining authorization.  This sales practice misconduct is known as unauthorized trading and is a significant violation of internal firm policy and industry rules, generally driven by a Financial Advisor’s desire for commissions.

https://brokercheck.finra.org/individual/summary/4963876#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  In addition, Financial Advisors must first obtain express permission to execute trades in a customer’s account prior to placing the trade.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of Shaun Hayes, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.  Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.