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Elan Sanker: Selling Away Complaint Against Merrill Lynch Advisor
Pennington, New Jersey financial advisor Elan Sanker (CRD# 5580543) recently received an investor complaint alleging he engaged in misconduct that resulted in losses. Records maintained by the Financial Industry Regulatory Authority indicate that he is currently registered as a broker and an investment advisor with Merrill Lynch.
Mr. Sanker’s BrokerCheck report discloses one investor complaint. Filed in February 2023, the complaint alleges that as a representative of Merrill Lynch, he engaged in selling away in January 2023. The pending complaint alleges unspecified damages.
For reference, FINRA Rule 3280 forbids brokers like Mr. Sanker from participating in private securities transactions, with the exception of transactions made under certain specified conditions. The rule describes such trades as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.” Also referred to as selling away, private securities transactions are permissible in some circumstances: for instance, as transactions with immediate family members for which no FINRA associated person receives selling compensation, provided the representative provides written notice to their member firm. When brokers engage in private securities transactions under such exceptions, they are generally also required to follow their member firm’s policies and procedures governing such. Representatives who engage in unapproved private securities transactions may subject to disciplinary action and/or held liable for damages.
According to the Financial Industry Regulatory Authority, Elan Sanker holds 13 years of securities industry experience. Based in Pennington, New Jersey, he has been a broker and an investment advisor with Merrill Lynch since 2018. His past registrations include Northwestern Mutual Investment Services (Jamison, Pennsylvania; 2018), Merrill Lynch (Philadelphia, Pennsylvania; 2016-2018), Edward Jones (Yardley, Pennsylvania; 2014-2016), UBS Financial Services (Weehawken, New Jersey; 2013-2014), Merrill Lynch (Pennington, New Jersey; 2010-2013), and AXA Advisors (Bala Cynwyd, Pennsylvania; 2008-2010). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, Series 24; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; 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 holds 53 state licenses. (Information current as of March 18, 2023.)
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