Merrill Lynch Advisor Ryan Raskin Barred by FINRA

Merrill Lynch Financial Advisor Ryan Raskin Barred by FINRA

In the intricate world of finance, where trust and integrity are paramount, the temptation to earn additional income through unauthorized and improper trading practices has ensnared yet another individual. This time, the spotlight falls on Ryan Raskin, a former advisor at the esteemed Merrill Lynch, who has been prohibited from practice by the Financial Industry Regulatory Authority (FINRA), as reported on January 13th, 2020.

The practice of churning, or excessive trading in a customer’s account, is a fraudulent endeavor carried out with the sole purpose of earning trading commissions, in blatant disregard for the investment objectives and best interests of the client. This unscrupulous conduct can inflict unnecessary losses on clients by inflating their commission expenses and exposing them to needless tax liabilities. Churning often occurs when a broker holds actual or implied discretionary authority over a client’s account, allowing them to execute transactions without explicit approval from the account holder.

“Integrity is the essence of everything successful.” – R. Buckminster Fuller

According to a letter of Acceptance and Waiver Consent, Raskin reportedly failed to provide the necessary documents and information required by FINRA in their investigation into the allegations that ultimately led to his dismissal. This lack of cooperation only serves to compound the gravity of the situation and raises further questions about the integrity of his actions.

Shared Accountability: Brokerage Firms in the Crosshairs

While it may be an unscrupulous broker carrying out unauthorized transactions, the brokerage firm employing the broker is held accountable as well if it is found to have been negligent in its supervisory duties. Accountability extends beyond merely excessive trading commissions charged; firms are also responsible for the investment losses incurred by clients as a result of such misconduct.

It is expected that brokerage firms will have a robust supervisory system in place, enabling the monitoring of trades and transactions, with a view to ensuring that all activities carried out on behalf of the firm are compliant with industry regulations and ethical standards. Failure to uphold this duty of supervision can have severe consequences, both reputational and financial.

A Trail of Disconcerting Allegations

Raskin’s BrokerCheck record reveals one customer complaint alleging “unauthorized trading and churning,” a clear violation of the trust placed in him by his clients. The firm he was last associated with, Merrill Lynch, terminated his services in March 2020 after a tenure of over four years. According to FINRA, Merrill Lynch filed a U-5 discharge notice on March 5th, 2020, citing that Raskin’s business practices were “inconsistent with Firm standards, including inappropriate investment recommendations.

These allegations cast a dark shadow over Raskin’s professional conduct and raise serious concerns about the potential impact on the financial well-being of his clients. Further details can be obtained through a review of FINRA case # 2020066135901.

Seeking Recourse and Guidance

If you are concerned about your investments with Ryan Raskin and/or Merrill Lynch, it is crucial to seek professional guidance and explore your options for recourse. The securities attorneys at Haselkorn & Thibaut, P.A., (InvestmentFraudLawyers.com) are well-versed in securities fraud, arbitration, and investor protection laws, and are dedicated to safeguarding the interests of investors who have fallen victim to unscrupulous practices.

For a free consultation with an experienced attorney, contact Haselkorn & Thibaut, P.A. at 1-888-628-5590 or visit InvestmentFraudLawyers.com. Their expertise and commitment to upholding the highest standards of integrity in the financial industry can provide invaluable support and guidance as you navigate the complexities of seeking justice and recovering your losses.

In an industry built on trust and fiduciary responsibility, the actions of individuals like Ryan Raskin serve as a stark reminder of the importance of vigilance and the need for robust regulatory oversight.

By holding those who violate ethical standards accountable and empowering investors with knowledge and legal support, we can work towards restoring confidence in the financial markets and ensuring that the hard-earned investments of individuals are protected from unscrupulous practices.

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