The Financial Industry Regulatory Authority Inc. on Friday sued a former Bank of America Merrill Lynch tech stock analyst who allegedly spent $21,000 at an "adult entertainment establishment" and charged it to his corporate credit card.
The analyst, Paramveer Singh, worked at Merrill Lynch from May 2014 to May 2019, and then changed his registration to a rebranded firm, BofA Securities, for the next five months, according to his BrokerCheck profile.
At the end of May 2019, while registered with BofA, Singh "converted and misused approximately $21,000 of BofA's funds," according to Finra's complaint, and allegedly "charged personal expenses at an adult entertainment establishment to his BofA corporate credit card knowing that his firm had the financial responsibility to pay for these charges."
"Singh's use of the firm's corporate card in this manner was not authorized or consistent with firm policy," according to the complaint. "BofA paid the credit card company for these charges, and Singh never returned the funds to BofA. By converting and misusing" those funds, the broker violated Finra industry rules.
Singh later told Finra, both in writing and orally, that he did not make or authorize the May 2019 charges at the adult venue on his corporate credit card, according to the Finra complaint.
Regulators like Finra and large firms like Merrill Lynch are closely watching brokers’ and advisers’ expense report submissions.
Singh was "discharged," meaning fired, by Merrill Lynch in September 2019 for "conduct involving the use of a corporate credit card inconsistent with firm policy," according to BrokerCheck. He is not currently registered with a securities firm.
According to his LinkedIn profile, Singh was a vice president of equity research covering tech stocks at Merrill. He could not be reached to comment on the Finra lawsuit.
Matt Card, a spokesperson for Merrill Lynch, did not return a call to comment.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC’s Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry.”
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
