Former Fresno financial advisor Steven Hirata (CRD# 1188927) was recently sanctioned by the Financial Industry Regulatory Authority for allegedly refusing...Read More
Jeffrey Smith: Complaints Against Michigan Merrill Lynch Advisor
Investor complaints against Merrill Lynch broker and investment advisor Jeffrey Smith (CRD# 1908011) allege conduct including misrepresentation, suitability violations, unauthorized trading, and more by the Farmington Hills, Michigan-based representative. One such complaint reached a settlement of $1.1 million. Mr. Smith has been registered with that office since 1989, according to information drawn from the Financial Industry Regulatory Authority.
Jeffrey Smith allegedly recommended unsuitable securities and did not follow instructions from the customer, according to a pending 2019 complaint concerning his conduct at Merrill Lynch. The complaint alleges damages of an unspecified amount.
Jeffrey Smith allegedly advised the customer’s investment in an unsuitable equity product, according to a 2019 complaint regarding his conduct as a representative of Merrill Lynch. The complaint alleges damages of an unspecified amount.
Two 2016 complaints alleged unsuitable recommendations by Mr. Smith. One reached a settlement of $50,000, while the other reached a settlement of $42,980. A 2005 complaint also alleged he recommended investments in unsuitable securities, and ultimately reached a settlement of $24,500.
A 2015 complaint alleged Mr. Smith falsely represented material facts concerning an investment, made omissions of material facts concerning an investment, violated suitability rules in his recommendation of certain exchange-traded fund products, and engaged in unauthorized trading. This complaint reached a settlement of $80,000.
A 2008 complaint alleged Mr. Smith made false representations of material facts, violated suitability guidelines when he recommended certain auction rate security products, and engaged in unauthorized trading. As part of a settlement, Merrill Lynch paid par value for the auction rate securities, or $1,100,000.
Jeffrey Smith is currently employed with Merrill Lynch’s branch office in Farmington Hills, Michigan, and has been since 1989. His employment history lists no other FINRA member firms. He holds 38 state licenses and has passed four securities industry qualification examinations. (Information current as of August 9, 2019.)