Finra bars ex-Merrill employee who had 47 years with firm

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.
DEC 13, 2016
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.

Latest News

Citi sees Q3 profit jump as wealth unit books record $38B in net new assets
Citi sees Q3 profit jump as wealth unit books record $38B in net new assets

The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.

Retirement plan defaults leave key participant decisions unresolved
Retirement plan defaults leave key participant decisions unresolved

New Allspring research finds 401(k) participants want guidance on income and rollovers, not just portfolio automation.

Global equity release market set to triple, with US leading growth
Global equity release market set to triple, with US leading growth

Aging homeowners hold record housing wealth - but most advisors still aren't bringing it into retirement plans

Retiree alleges advisor withheld $600K through real estate LLC web
Retiree alleges advisor withheld $600K through real estate LLC web

$1.7M invested from an inheritance. Then the phone went dead.

SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception
SEC accuses Linqto chiefs of 'Wizard of Oz' investor deception

The pre-IPO platform sold $430M in units while allegedly rigging prices behind the scenes.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor