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

Finra bars former Merrill Lynch broker fired for accepting loans from client
Broker Patrick Foley failed to show up last month for testimony before Finra.
JUN 17, 2019

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]

Latest News

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

AI marketing adoption gap costs financial firms revenue
AI marketing adoption gap costs financial firms revenue

Cornerstone Advisors study reveals compliance bottlenecks stall campaigns weeks after customer opportunities close.

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

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains