Veach Law Investigating Claims Against Merrill Lynch Brokers in Tennessee and North Carolina

Merrill Lynch UIT Trade Penalties 7-2021

On June 28, 2021 the Financial Industry Regulatory Authority levied an $11.7M penalty against Merrill Lynch stemming from their investigation into early rollovers of Unit Investment Trusts and accepted settlement letters from 30 and 35-year Merrill veterans in Chattanooga, Tennessee, and Charlotte, North Carolina. Both the brokers agreed to three-month suspensions and $5,000 in fines for allegedly unsuitable UIT switch recommendations. This likely represents just a small fraction of the more than two and half billion worth of potentially improper UIT exchanges processed by Merrill between 2001 and 2015. Veach Law is investigating matters in both states. See the full Advisor Hub article HERE.

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If you have been the victim of improper UIT exchanges in Tennessee or North Carolina, contact Tucker Veach by calling 828-398-8288 or by using the contact form anywhere on this site.