Andre Lee: Merrill Lynch Advisor Faces Suitability Complaint

A recent investor complaint against Melville, New York financial advisor Andre Lee (CRD# 6979193) alleges that he failed to uphold a customer’s best interest. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Merrill Lynch.

Mr. Lee’s BrokerCheck report discloses one investor complaint. Filed in March 2024, it alleges that as a representative of Merrill Lynch, he “was not acting in [the client’s] best interest” from October 2022 until October 2023. The pending complaint alleges unspecified damages of at least $5,000.

FINRA rules codify numerous important standards that advisors like Mr. Lee must comply with. One such rule is the suitability standard, which stipulates that brokers must “have a reasonable basis to believe” that their investment recommendations are suitable for their clients. As described in FINRA Rule 2111, they determine a product or strategy’s suitability by evaluating “information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” The customer’s investment profile includes their age, net worth, risk tolerance, income, and other factors.

Merrill Lynch’s website includes a page describing Mr. Lee and his approach to wealth management. “We firmly believe that the relationship between a client and his/her advisor is most effective when it is inclusive and interactive,” it states. “accomplishing your goals. Trust, transparency and communication are key factors in developing a long term relationship.”

According to the Financial Industry Regulatory Authority, Andre Lee holds five years of securities industry experience. Based in Melville, New York, he has been registered with Merrill Lynch since 2018. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He ie licensed in Alabama, Alaska, California, Connecticut, Florida, Georgia, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia, and Washington. (Information current as of April 6, 2024.)

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.