Eilier Teruel: UIT Complaint Against Merrill Advisor

A recent investor complaint against Chattanooga, Tennessee financial advisor Eilier Teruel (CRD# 6831230) alleges that his conduct resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. Teruel’s BrokerCheck report discloses one investor complaint. Filed in March 2026, it alleges that as a representative of Merrill Lynch, he misrepresented an investment in unit investment trusts. The pending complaint alleges unspecified damages.

FINRA rules stipulate that brokers like Mr. Teruel can only recommend that their clients invest in what are known as suitable investments and/or strategies. What this means, according to FINRA Rule 2111, is that brokers must “have a reasonable basis to believe that a recommended transaction or investment strategy” is appropriate for a customer’s background and objectives. They must arrive at this basis through reasonable diligence into the customer’s investment profile. They are similarly required by FINRA Rule 2150 to make their recommendations without using “manipulative, deceptive or other fraudulent device[s] or contrivance[s],” while FINRA Rule 2010 requires them to “shall observe high standards of commercial honor and just and equitable principles of trade.” In other words, brokers may not make misrepresentations or omissions of material facts relating to the investments they recommend, as these misrepresentations may lead investors to purchase unsuitable products. FINRA-registered persons who violate these rules may be found liable in the event of losses.

According to the Financial Industry Regulatory Authority, Eilier Teruel holds eight years of securities industry experience. Based in Chattanooga, Tennessee, he has been registered as a broker and an investment advisor with Merrill Lynch since 2019. He was previously registered with AXA Advisors in Miami, Florida from 2018 until 2019. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He holds 31 state licenses. (Information current as of June 7, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.