David Russell: Suitability Complaint Against Merrill Lynch Advisor

A recent investor complaint against Scottsdale, Arizona financial advisor David Russell (CRD# 6074721) alleges that his advice resulted in damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. Russell’s BrokerCheck report discloses one investor complaint. Filed in July 2026, it alleges that as a representative of Merrill Lynch, he recommended an unsuitable strategy and failed in his supervisory duties in connection with investments in common and preferred stock. The pending complaint alleges unspecified damages.

FINRA Rule 2111 stipulates that brokers may recommend only investments and investment strategies that are suitable for their customer’s individual background and needs. To ascertain whether a product or strategy is suitable, they must perform reasonable diligence into the client’s investment profile, which includes the client’s age, income, risk tolerance, net worth, investment objectives and experience, and other factors. They must determine whether the investment is suitable for some investors; whether it is suitable for the individual investor they’re dealing with; and, in cases where they exercise discretion over a customer’s account, whether a series of transactions is not unsuitable or excessive. Brokers who make unsuitable recommendations may be liable to their clients in the event of losses.

According to the Financial Industry Regulatory Authority, David Russell holds 13 years of securities industry experience. Based in Scottsdale, Arizona, he has been registered as a broker and an investment advisor with Merrill Lynch since 2023. His past registrations include Morgan Stanley and AXA Advisors. His credentials include the passage of five securities industry qualifying exams: the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Combined State Law Examination, or Series 66. He holds 55 state licenses. (Information current as of September 12, 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.