Finra bars former Merrill Lynch broker fired for accepting loans from client

The Financial Industry Regulatory Authority Inc. on Friday barred a former Merrill Lynch broker whom the firm fired in 2018 after he faced allegations of accepting loans from a client. The broker, Patrick Foley, worked in the Ontario, Calif. branch of Merrill Lynch, according to his BrokerCheck profile. Mr. Foley, who could not be reached to comment, did not appear last month before Finra staff for testimony about its investigation into allegations that he accepted loans from an elderly client, according to the Finra settlement. Not appearing for testimony before Finra in such matters is a violation of industry rules. As part of the settlement, Mr. Foley neither admitted to nor denied Finra's findings. In a statement on his BrokerCheck profile, Mr. Foley stated that the loan in question had been made to a business his wife owned and that the loan was to the business and not to him personally. Mr. Foley worked at Merrill Lynch for two years, 2016 to 2018. [More: Andy Sieg leaves Merrill to rejoin Citigroup]