Mary Duffman: Merrill Advisor Faces Unauthorized Trading Complaint

Raleigh, North Carolina financial advisor Mary Duffman (CRD# 4651571) recently received an investor complaint alleging that her conduct resulted in damages. Financial Industry Regulatory Authority records show that she is registered as a broker and an investment advisor with Merrill Lynch.

Ms. Duffman’s BrokerCheck report discloses one investor complaint. Filed in May 2026, it alleges that as a representative of Merrill Lynch, she made unauthorized trades in the customer’s account. The pending complaint alleges unspecified damages.

FINRA rules forbid brokers like Ms. Duffman from effecting securities trades without a customer’s authorization. FINRA Rule 3260, for example, describes specific circumstances in which brokers can make discretionary transactions—that is, in which they can execute trades without first consulting the customer. The rule stipulates that they may not exercise discretionary authority without first obtaining the client’s written authorization, as well as the firm’s written approval of the account for discretionary trading. In addition, FINRA Rule 2020 stipulates that brokers may not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Finally, FINRA Rule 2010 states that brokers must “observe high standards of commercial honor and just and equitable principles of trade.” Brokers who engage in unauthorized trading may be held liable for damages.

According to the Financial Industry Regulatory Authority, Mary Duffman holds 22 years of securities industry experience. Based in Raleigh, North Carolina, she has been registered as a broker and an investment advisor with Merrill Lynch since 2005 and 2006, respectively. She was previously registered with RBC Centura Securities in Kannapolis, North Carolina. Her credentials include the passage of five securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. She holds 28 state licenses. (Information current as of June 14, 2026.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. 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.