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

Mesirow acquires part of flexPATH in second retirement deal of 2026
Mesirow acquires part of flexPATH in second retirement deal of 2026

Chicago-based Mesirow Fiduciary Solutions adds flexPATH's plan-level outsourced fiduciary book, boosting its retirement market reach to $164 billion.

Advisor moves: LPL lands $350M veteran advisor duo in Florida
Advisor moves: LPL lands $350M veteran advisor duo in Florida

Also, Raymond James's employee advisor channel adds breakaways from Wells Fargo and Stifel, while UBS welcomes an ex-Morgan Stanley duo in Indiana.

SEC accuses crypto firm founder of running $425 million Ponzi scheme
SEC accuses crypto firm founder of running $425 million Ponzi scheme

It promised guaranteed principal and 10% monthly returns. The SEC says it invested nothing.

MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products
MassMutual Ascend tops $2 billion in RIA annuity sales as advisors warm to income products

Ten years after entering the fee-based annuity market, MassMutual Ascend says nearly half its lifetime sales came in the past two years alone – but barriers remain among fee-only advisors.

Fintech bytes: Wealth tech firms target advisor productivity with new integrations
Fintech bytes: Wealth tech firms target advisor productivity with new integrations

Amplify, WealthReach, Zeplyn and Zocks have unveiled partnerships aimed at automating portfolio management, content creation, account opening, and client communication.

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

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income