- January 25, 2021
- Merrill Lynch
Ryan Raskin (CRD No. 5539610) was a general securities representative associated with Merrill Lynch until his termination in March 2020. Ryan Raskin has been in the securities industry since 2008 and previously worked at Morgan Stanley.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 13, 2021, Ryan Raskin violated FINRA Rules 8210 and 2010. When asked by FINRA to provide documents and information as part of an investigation, he refused. As a result, FINRA moved to bar him permanently from any association with any member firms in any capacity.
According to the FINRA sanction, “On August 31, 2020, FINRA staff sent a request to Raskin for the production of information and documents pursuant to FINRA Rule 8210, with a deadline of September 15, 2020. During a telephone call on September 8, 2020 and in an email that same day, Raskin acknowledged receipt of the request and stated that he did not intend to respond to the request. Raskin did not provide any responsive documents or information by the deadline of September 15, 2020. On December 17, 2020, FINRA staff sent a second request to Raskin for the production of the same documents and information due December 31, 2020. During a telephone call on December 17, 2020, Raskin acknowledged receipt of the second request and stated that he did not intend to respond to the request. Raskin did not provide any responsive documents or information by the December 31, 2020 deadline or at any other time. By failing to produce the information or documents requested pursuant to FINRA Rule 8210, Respondent violated FINA Rules 8210 and 2010.”
For a copy of Ryan Raskin’s FINRA disciplinary action details, click here.
Summary Detail of Allegations
Ryan Raskin was first associated with a member firm in May 2008 and registered as a general securities representative in July 2008; he later registered as a general securities sales supervisor in August 2012. Beginning in 2016, Ryan Raskin changed firms and continued with those same registrations while associated with Merrill Lynch, Pierce, Fenner & Smith, Inc. A Uniform Termination Notice of Securities Industry Regulation (Form U5) filed by Merrill Lynch with FINRA indicated Ryan Raskin was discharged for “[c]onduct involving business practices inconsistent with Firm standards, including inappropriate investment recommendations,” which then triggered the FINRA investigation.
Why Brokers Refusing to Participate in a FINRA Investigation is a Red Flag
If broker-dealers are going to be carrying out securities transactions for their clients, customers need to have a certain level of trust that their best interests are at the forefront of every trade. When allegations are made that a broker-dealer may be violating the FINRA rules requiring “high standards of commercial honor and just and equitable principles,” that broker is obligated to produce whatever documents, information, and testimony are requested. Failing to do so could leave a cloud of suspicion over the broker-dealer and the member firm, by association.
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