Former Merrill Lynch broker banned for stealing $1M from clients

Banned from industry for stealing funds to invest in company, buy condo and pickup
NOV 19, 2013
The Securities and Exchange Commission has banned a former Bank of America Merrill Lynch broker from the securities industry for stealing from clients. Federal prosecutors said James R. Lanier of Tallahassee, Fla., forged his clients' signatures on letters authorizing wire transfers from their accounts to his. Authorities said Mr. Lanier illegally used nearly $1 million in client funds to invest in a cellular telecommunications business, as well as to buy a condominium and pickup truck, among other uses. “Lanier's unlawful conduct was recurring and egregious,” SEC Administrative Law Judge Carol Fox Foelak wrote in a decision filed on Tuesday that was not contested by Mr. Lanier. “Extending over a period of several years, it involved hundreds of thousands of dollars.” Mr. Lanier pleaded guilty to 22 counts of fraud and related charges last November. He was sentenced to 8 years and 10 months in federal prison and ordered to pay $887,931 in restitution. William P. Halldin, a spokesman for Bank of America Corp., which owns Merrill, said the company has already reimbursed the victims and that the bank is owed the restitution amount. Bank of America learned that the money was misappropriated in March 2010 and notified authorities, Mr. Halldin said. Mr. Lanier was employed by Merrill between September 2008 and March 2010, authorities said. Efforts to reach Mr. Lanier or a lawyer working on his behalf were unsuccessful.

Latest News

Schwab loses $4.5 million lawsuit to teachers who bought structured products
Schwab loses $4.5 million lawsuit to teachers who bought structured products

The products in question were a mix of sophisticated, complex and potentially volatile offerings.

Concurrent adds $425 million Houston team as breakaway wave continues
Concurrent adds $425 million Houston team as breakaway wave continues

Winstone Wealth Partners joins Concurrent from Raymond James, pushing the RIA platform's assets past $23 billion this year.

Democratic lawmakers demand probe into DOL 401(k) rule comments
Democratic lawmakers demand probe into DOL 401(k) rule comments

Senior Democrats including Senator Bernie Sanders urge a DOJ and FBI investigation into thousands of allegedly fake comments backing DOL's private-assets 401(k) rule.

Retirement assets hit $51.2 trillion as savers keep contributing
Retirement assets hit $51.2 trillion as savers keep contributing

Total US retirement holdings jumped 7.9% in the second quarter, with 401(k) balances and IRA contributions both climbing despite lingering economic unease

Global M&A value rises 15%, with highest sentiment in financial sector
Global M&A value rises 15%, with highest sentiment in financial sector

Megadeals are surging in 2026, but small and mid-market transaction volume remains well below historical norms.

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