Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker, Michael Calvin, Has Had Two Customer Complaint Disclosures Since January 2020
Michael Calvin (CRD # 3269670) is a Financial Advisor Merrill Lynch, Pierce, Fenner & Smith Incorporated in Austin, TX. Michael Calvin has been in the securities industry since 1999 and previously worked at UBS Financial Services, Inc., Covenant Advisors, LLC, World Group Securities, Inc., Eltekon Secutrities, LLC and The Penn Ivestment Group.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January and July 2020, Michael Calvin was the subject of two (2) customer complaints, alleging sales practice misconduct:
• July 2020—”The customer alleges excessive trading from January 1, 2019 until July 14, 2020.” Alleged damages are $485,000.00 and the matter remains pending.
• January 2020—”The client alleged the Financial Advisor misrepresented fees and commissions.” Alleged damages are $450,388.65 and the matter remains pending.
For a copy of Michael Calvin’s CRD, click here
Excessive trading often occurs when a Financial Advisor puts his or her interests ahead of the clients and makes transactions solely for the purpose of generating commissions. Financial Advisors have a regulatory duty to recommend suitable investment strategies. One of the components of the suitability analysis is quantitative suitability.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. 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.
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 firstname.lastname@example.org.
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