Gregory Whelan: Merrill Lynch Advisor’s Client Files $2mm Complaint

A recent investor complaint alleges that Fort Lauderdale financial advisor Gregory Whelan (CRD# 5247677) made investment recommendations that resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch, where he is a member of MWD Wealth Management Group.

Mr. Whelan’s BrokerCheck report discloses two investor complaints. The most recent, filed in May 2024, alleges that he recommended unsuitable investments including REITs and life settlements, misrepresented material facts, and used his personal email to sell investments away from the firm. The pending complaint alleges damages of $2 million. The complaint seeks damages against Merrill Lynch and not Mr. Whelan individually.

An earlier investor complaint, filed in 2021, alleges that as a representative of Merrill Lynch, he recommended unsuitable investments and delayed following the customer’s instructions. The complaint reached a settlement of $100,000.

Merrill Lynch’s website includes a profile of Mr. Whelan that describes his background and approach as a Senior Vice President with MWD Wealth Management Group. “Though Gregory works with a variety of clients, he focuses on professional athletes,” it states. “He helps athletes identify their financial goals and create customized strategies to pursue them. Gregory personalizes strategies with clients, helping them to navigate the ever-changing financial landscape, while focusing on their goals, liquidity needs, time horizon and risk tolerances.”

According to the Financial Industry Regulatory Authority, Gregory Whelan holds 15 years of securities industry experience. Based in Fort Lauderdale, Florida, he has been registered as a broker and an investment advisor with Merrill Lynch since 2013. His past registrations include Morgan Stanley (2011-2013), UBS Financial Services (2011), Tullett Prebon Financial Services (2009-2010), and ICAP Securities USA (2007-2009). 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 23 state licenses. (Information current as of June 8, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. The firm has previously represented a customer of Gregory Whelan. 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.