Finra fines former Merrill top broker $15,000 over falsified CE

Finra fines former Merrill top broker $15,000 over falsified CE
Bruce Lee also suspended for 18 months
OCT 24, 2019
The Financial Industry Regulatory Authority Inc. has fined former Merrill Lynch star broker Bruce Lee​ $15,000 and barred him from the industry for 18 months for having others take required continuing education exams for him. [Recommended video:​ Advice firm compliance manuals may need to be updated for June 2020] Finra said that between June 2014 and March 2018, Mr. Lee directed two members of his staff, a financial analyst and a client associate, to complete continuing education modules on his behalf, rather than completing the modules himself. During that time, as a broker in Chicago, he managed an estimated $3 billion in assets. After leaving Merrill Lynch, Mr. Lee started his own RIA, Keebeck Wealth Management, in Chicago. Investing in profitability, performance and people: Register for our Top Advisory Firm Summit.

Latest News

Cerulli: Advisors struggle to turn 401(k) savers into wealth clients
Cerulli: Advisors struggle to turn 401(k) savers into wealth clients

Just over 10% of advisors' wealth clients come from defined contribution plans, as capacity, data and technology gaps block the bridge to wealth

Alto to buy Forge Trust from Schwab in self-directed IRA push
Alto to buy Forge Trust from Schwab in self-directed IRA push

Deal creates a $20B-plus custody platform for private market investing in IRAs, months after Schwab closed its Forge Global purchase

Wall Street bonanza! The Street on track to hit a record $90 billion in profits: Report
Wall Street bonanza! The Street on track to hit a record $90 billion in profits: Report

Despite the good times, advisors should tread carefully, said one veteran industry executive.

Most workers have retirement plans but no retirement strategy
Most workers have retirement plans but no retirement strategy

Gallagher data reveals a huge gap in financial confidence between employees who work with an advisor and those who don't.

Small employers are more open to pooled retirement plans
Small employers are more open to pooled retirement plans

PEP assets hit $34bn at year-end 2025 as advisors navigate mandate deadlines and a 48% employer interest rate.

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