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Bernie Adair: Investor Alleges Jupiter Advisor Misappropriated Funds
Merrill Lynch financial advisor Bernie Adair (CRD# 1535429) allegedly misappropriated investor funds, according to a recent complaint against him. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Jupiter, Florida.
Mr. Adair’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in September 2022, alleges that as a Merrill Lynch representative, he misappropriated funds, misrepresented material facts relating to an investment, recommended an unsuitable investment strategy, and facilitated unsuitable transactions. The pending complaint alleges unspecified damages.
An earlier investor complaint, filed in 2019, alleged that as a Merrill Lynch representative, he misrepresented and recommended an unsuitable investment, and “improperly completed account documentation concerning a variable annuity.” In 2021 the complaint reached a settlement of $100,000.
A third investor complaint, filed in 2009, alleged that he executed unauthorized transactions, recommended unsuitable investments, and failed to follow instructions. In 2011 the complaint reached a settlement of $45,000.
A fourth investor complaint, filed in 2004, alleged he made unauthorized transactions while at Merrill Lynch. The complaint reached a settlement of $13,845.06.
A fifth investor complaint, filed in 2003, alleged he executed unauthorized transactions, recommended unsuitable products, and over-concentrated the account in equities. In 2005 the complaint reached a settlement of $22,500.
A sixth investor complaint, filed in 1996, alleged he made unsuitable and unauthorized trades. The complaint reached a settlement of $75,000.
According to the Financial Industry Regulatory Authority, Bernie Adair holds 35 years of securities industry experience. Based in Jupiter, Florida, he has been a broker and an investment advisor with Merrill Lynch since 1991. His past registrations include Dominick & Dominick, Prescott Ball & Turben, Gulfstream Financial Associates, First American Asset Management Group, and Welco Securities. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 31 state licenses. (Information current as of October 5, 2022.)
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