Fabio de Andrade: $24mm Complaint Against Merrill Advisor

A recent investor complaint against Kansas City, Missouri financial advisor Fabio de Andrade (CRD# 4671838) alleges that his advice resulted in eight-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. de Andrade’s BrokerCheck report discloses two investor complaints. The most recent, filed in February 2026, alleges that as a representative of Merrill Lynch, he recommended unsuitable investments in government bonds and mutual funds. The pending complaint alleges damages of $24,713,303.

An earlier investor complaint, filed in 2023, alleged that as a Merrill Lynch representative, he made unauthorized trades in the customer’s account. The complaint alleged unspecified damages and was denied by the firm.

For reference, FINRA Rule 211 requires brokers like Mr. de Andrade to recommend investments that are appropriate for a customer’s unique investment profile, a set of information that includes their investment history, objectives, net worth, income, risk tolerance, and other factors. Brokers who recommend unsuitable investments in violation of Rule 2111 may be held liable for damages and/or subject to disciplinary action by FINRA or other securities regulators.

Investors should be aware that FINRA rules prohibit representatives like Mr. de Andrade from effecting securities transactions without customer authorization. FINRA Rule 3260, for instance, outlines specific conditions under which brokers can make discretionary trades, and forbids the exercise of discretionary authority without the customer’s prior written authorization and the firm’s written acceptance of the account as discretionary. FINRA Rule 2020, meanwhile stipulates that brokers may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Finally, FINRA Rule 2010 stipulates that FINRA-associated persons must “observe high standards of commercial honor and just and equitable principles of trade,” which generally means that they may not execute unauthorized trades. Brokers who violate these rules may be held liable for damages.

According to the Financial Industry Regulatory Authority, Fabio de Andrade holds 22 years of securities industry experience. Based in Kansas City, Missouri, he has been registered as a broker and an investment advisor with Merrill Lynch since 2004. He was previously registered with NYLife Securities in New York, New York from 2003 until 2004. His credentials include the passage of six securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; and the Futures Managed Funds Examination, or Series 31. He holds 20 state licenses. (Information current as of March 21, 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.