John Forster: Merrill Lynch Advisor Receives $272K Annuity Complaint

A recent investor complaint against Washington, DC financial advisor John Forster (CRD# 1303832) alleges that he failed to act in the investor’s best interest, leading to damages of more than $200,000. Financial Industry Regulatory Authority records indicate that he is currently a broker and an investment advisor with Merrill Lynch.

Mr. Forster’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in April 2023, alleges that as a representative of Merrill Lynch, he failed to act in the investor’s best interest in connection with a variable annuity product. The pending complaint alleges damages of $272,546.

An earlier investor complaint, filed in 209, alleged that as a representative of Citigroup Global Markets, he mismanaged the customer’s account “through the improper implementation of a margin balance” and maintained an unsuitable asset allocation in the customer’s account. In 2011 the complaint reached a settlement of $750,000.

According to the Financial Industry Regulatory Authority, John Forster holds 38 years of securities industry experience. Based in Washington, DC, he has been a broker and an investment advisor with Merrill Lynch since 2012. His past registrations include Morgan Stanley (Washington, DC; 2009-2012), Citigroup Global Markets (Washington, DC; 1993-2009), Lehman Brothers (New York, New York; 1988-1993), and EF Hutton & Company (1984-1988). His credentials include the passage of five securities industry qualifying exams: the National Commodity Futures Examination, or Series 3; 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 currently holds 37 state licenses. (Information current as of May 15, 2023.)

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