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FINRA Bars Ex-Merrill Lynch Advisor Linan Abrego
Linan Abrego (CRD# 6122105), formerly an investment professional based in McAllen, Texas, was recently the subject of a disciplinary action by the Financial Industry Regulatory Authority in connection to allegations she falsified insurance applications. A former representative of Merrill Lynch, Abrego was barred from acting as a broker.
According to a Letter of Acceptance, Waiver and Consent (No. 2019063173201) dated November 2019, Linan Abrego became registered with Merrill Lynch in McAllen, Texas as a General Securities Representative in December 2016, and remained until July 2019, when the firm filed notice that it had discharged her in connection to allegations she misappropriated client funds. In October 2019, as part of an investigation into the misappropriation allegations, FINRA staff sent Abrego a request to provide on-the-record testimony to FINRA on October 17, 2019. This request was made pursuant to FINRA Rule 8210, which provides FINRA with the authorization to require persons subject to its jurisdiction to provide oral testimony connected to matters under its investigation; that same rule stipulates that no person under FINRA’s jurisdiction “shall fail to provide testimony pursuant to its rule,” and that violations of this rule also constitute violations of FINRA Rule 2010, which requires persons under FINRA’s jurisdiction to observe high standards of commercial honor. According to the AWC Letter, Abrego indicated in an October 9, 2019 call with FINRA staff, as well as an email sent later that day, that she had received the request to provide on-the-record testimony but would not do so “at any time.” FINRA’s findings state that this refusal constituted violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, Linan Abrego was barred from associating with any FINRA member in any capacity.
Linan Abrego is currently not registered with any FINRA member firm. She was previously registered with Merrill Lynch in McAllen, Texas, from 2016 until 2019. She has passed three securities industry qualifying examinations and currently holds no state securities licenses. (Information current as of April 24, 2020.)