Finra bars ex-Merrill employee who had 47 years with firm
Supervisor left firm amid an internal review of her performance and then declined to testify during a Finra investigation.
A broker employed for nearly 50 years at Merrill Lynch, and who left the firm during an internal review of her supervisory performance, was barred from the securities industry after she declined to testify during a Finra investigation.
The Financial Industry Regulatory Authority Inc., the brokerage industry watchdog, was investigating Louise J. Neale, who voluntarily terminated her registration with Merrill in August 2015 “during an internal review regarding ‘allegations concerning performance of supervisory duties related to funds transactions,’” according to a letter of acceptance, waiver and consent filed Thursday.
Ms. Neale’s refusal to appear for on-the-record testimony about circumstances surrounding her resignation violated Finra rules, and prompted her being barred, according to the letter.
Ms. Neale had worked for Merrill Lynch since 1968. She became a registered representive in 2003 and a supervisor in 2005.
“Louise retired from Merrill Lynch after working there for quite some time,” her attorney, Joel Beck, of The Beck Law Firm, said. “Finra later inquired of her about some matters. She’s retired and focused on enjoying her grandchildren and other things, and didn’t see the benefit of responding to Finra and resolved the matter through the AWC (Letter of acceptance, waiver and consent).”
Merrill Lynch spokeswoman Susan Atran declined to comment on details of the firm’s internal review of Ms. Neale’s supervisory duties or her voluntary termination.
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