Rajesh Markan: SEC Alleged Misappropriation by Ex-Merrill Advisor

Former Dallas, Texas financial advisor Rajesh Markan (CRD# 4553309) allegedly misappropriated customer funds, according to a judgment issued by the Securities and Exchange Commission. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Hilltop Securities and Merrill Lynch.

A litigation release published by the SEC on June 12, 2026 describes the agency’s judgment against Mr. Markan. As it explains, the judgment was issued in connection with an SEC complaint alleging that between 2015 and 2024, he solicited ten customers to invest a total of $2.9 million “in a purported private equity fund.” He allegedly represented to his clients “that a well-known New York private equity firm advised the fund and that their money would be tied up for six to twelve years,” and that eventually they would earn “above-market returns.” According to the complaint, these representations were false, and in fact the fund in question “was fake and never existed.” Mr. Markan allegedly “misappropriated most of the investors’ money for himself.”

The SEC’s judgment permanently enjoins Mr. Markan “from participating in the issuance, offer, purchase or sale of any security except for purchases or sales for his own personal accounts.” It also finds him liable for more than $2.3 million in disgorgement and more than $132,000 in prejudgment interest.

Mr. Markan’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in 2025, alleges that as a Merrill Lynch representative, he solicited the claimants to invest in a fraudulent product and misappropriated their funds. The pending complaint alleges damages of $500,000.

A second investor complaint, filed in 2024, alleges that as a Merrill Lynch representative, he misappropriated funds and solicited an investment in a fraudulent product. The pending complaint alleges damages of $300,000.

A third investor complaint, also filed in 2024, similarly alleges that he solicited an investment in a fraudulent product and misappropriated funds. The pending complaint alleges damages of $1.2 million.

According to the Financial Industry Regulatory Authority, Rajesh Markan holds 21 years of securities industry experience. Based in Dallas, Texas, he was most recently registered as a broker with Hilltop Securities from 2022 until 2024. His past registrations include Merrill Lynch, Citigroup Global Markets, Ameriprise Financial Services, and IDS Life Insurance Company. 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 Financial and Operations Principal Examination, or Series 27. He has been barred from acting as a broker or otherwise associating with a broker-dealer firm. (Information current as of June 15, 2026.)

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