Michigan Based Merrill Lynch Financial Advisor, Jeffrey R. Smith Has Eight Customer Complaints, Including Two Pending Complaints, Alleging Sales Practice Misconduct

• July 13, 2019
• Merrill Lynch

Jeffrey Smith (CRD 1908011) is a Financial Advisor at Merrill Lynch in Farmington Hills, Michigan.  Jeffrey Smith (CRD 1908011) has been in the securities industry since 1997 and has worked for Merrill Lynch for his entire career. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), since 2015, Jeffrey Smith (CRD 1908011) has been the subject of five customer complaints, alleging sales practice misconduct.  An additional three complaints have been filed against Jeffrey Smith (CRD 1908011) during his career, for a total of eight customer complaints.  Among the customer complaints made against Jeffrey Smith (CRD 1908011) include the following:

• April 2019—”The customer alleges unsuitable investment recommendations and failure to follow instructions.”  Alleged damages unspecified.  Matter is pending.
• February 2019—”The customer alleges unsuitable investment recommendations.” Alleged damages unspecified.  Matter is pending.
• October 2016—”The Customer alleges unsuitable investment recommendations from March 2015 to October 2016.”  The matter was settled for $50,000.
• Ahust 2016—”The Customer, through his Attorney in Fact, alleges unsuitable investment recommendations from March 2014 to April 2016.”  The matter was settled for $42,980.
• August 2015—”THE CUSTOMERS ALLEGE UNSUITABLE INVESTMENT RECOMMENDATIONS, UNAUTHORIZED TRADING AND MISREPRESENTATION AND OMISSION OF MATERIAL FACTS FROM JANUARY 2014 TO JULY 2015.”  The matter was settled for $80,000.
• March 2018—”THE CUSTOMER ALLEGES UNAUTHORIZED TRADING, MISREPRESENTATION AND UNSUITABILITY REGARDING AUCTION RATE SECURITIES. DAMAGES UNSPECIFIED.”  The matter was settled for $1 million.

For a copy of Jeffrey Smith’s CRD, click https://brokercheck.finra.org/individual/summary/1908011#disclosuresSection.

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 mwolper@wolperlawfirm.com.