Mark Willets: Options Complaint Against Merrill Advisor

Scottsdale, Arizona financial advisor Mark Willets (CRD# 2151477) allegedly made unauthorized trades, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. Willets’ BrokerCheck report discloses one investor complaint. Filed in December 2024, it alleges that as a representative of Merrill Lynch, he made unauthorized options trades between December 11, 2024 and December 13, 2024. The pending complaint alleges unspecified damages.

Investors should be aware that various FINRA rules forbid representatives like Mr. Willets from making trades without a customer’s authorization. FINRA Rule 3260, for example, describes certain conditions under which brokers can make discretionary trades, and forbids the use of discretion without the customer’s prior written authorization and the firm’s written acceptance of the account as discretionary. FINRA Rule 2010, meanwhile, requires brokers to “observe high standards of commercial honor and just and equitable principles of trade,” which generally means that they may not perform unauthorized transactions. Brokers who violate these rules may be held liable for damages.

According to the Financial Industry Regulatory Authority, Mark Willets holds 32 years of securities industry experience. Based in Scottsdale, Arizona, he has been registered as a broker and an investment advisor with Merrill Lynch since 2009. His past registrations include Banc of America Investment Services, Wells Fargo Investments, Prudential Securities, Paineweber, Salomon Smith Barney, and Charles Schwab & Company. His credentials include the passage of nine securities industry qualifying exams: the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; General Securities Sales Supervisor Exam – Options Module & General Module, or Series 8; the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 28 state licenses. (Information current as of January 12, 2025.)

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