Ed Mercer: FINRA Bars RLA Financial Advisor

Former Coral Springs, Florida financial advisor Ed Mercer (CRD# 1839328) was recently barred by FINRA in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was most recently registered as a broker and an investment advisor with Cambridge Investment Research, doing business as RLA Financial.

Mr. Mercer’s BrokerCheck report discloses the FINRA sanction against him, filed in November 2023. According to a Letter of Acceptance, Waiver, and Consent (No. 2023079873002), in October 2023 FINRA sent him a request for on-the-record testimony as part of its investigation “into a customer’s investment in a crypto asset offering away from his member firm.” He informed FINRA via counsel in November 2023 that he would not be appearing for the requested testimony. FINRA found that this refusal violated FINRA Rule 8210, which requires persons under FINRA’s jurisdiction to provide testimony with respect to matters under FINRA’s investigation. It also found that his refusal violated FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” In connection with these findings, FINRA barred him from associating with any member firm in any capacity.

A second disclosure on Mr. Mercer’s BrokerCheck report concerns his resignation from Cambridge Investment Research. Filed in November 2023, it states that he was “permitted to resign” when the firm “was already in the process of terminating its relationship” with him based on an understanding that he “was unwilling to cooperate with either the regulator’s or the Firm’s requests for information.”

According to the Financial Industry Regulatory Authority, he holds 16 years of securities industry experience. Most recently based in Coral Springs, Florida, he was last registered as a broker and an investment advisor with Cambridge Investment Research from 2022 until 2023, doing business as RLA Financial. His past registrations include LPL Financial (Coral Springs, Florida; 2021-2022), Middlebury Securities (Weybridge, Vermont; 2015), First Founders Securities (Fernandina Beach, Florida; 2007-2008), MML Investors Services (Fort Lauderdale, Florida; 1999-2006), Pruco Securities Corporation (Newark, New Jersey; 1994-1999), and Allied Capital Group (1988-1989). HIs credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently barred from acting as a broker. (Information current as of January 17, 2024.)

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