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Michael Greenstone: Merrill Lynch Advisor Client Complaints

Investor complaints filed against Merrill Lynch broker and investment adviser Michael Greenstone (CRD# 709165) describe activity including excessive trading, unsuitable trading, the failure to disclose material facts related to an investment, and more. Michael Greenstone is registered with Merrill Lynch in Glen Rock, New Jersey and Palm Beach, Florida, where he has been employed since 2017, according to information drawn from Financial Industry Regulatory Authority records.

Michael Greenstone allegedly recommended unsuitable investments involving equity listed (common and preferred stock) products and unit investment trusts, according to a July 2019 customer complaint concerning his employment at Morgan Stanley Smith Barney. The investor who filed that complaint, which is pending, alleges damages totaling $5,000,000.

Michael Greenstone allegedly did not disclose material facts concerning the potential tax ramifications incurred by the withdrawal of a Highbridge hedge fund investment from an IRA account, according to a 2009 customer complaint concerning his employment at UBS Financial Services. The customer who filed this complaint also alleged Greenstone did not fully advise him on the details of the investment. This complaint reached a settlement of $5,000.

Michael Greenstone allegedly participated in “excessive and unsuitable trading,” according to a 1999 customer complaint concerning his employment at Painewebber. This complaint reached a settlement of $106,000.

Mr. Greenstone allegedly recommended unsuitable investments and traded the account excessively, while failing to “safeguard” assets, according to a customer complaint filed in 1998 concerning his employment at Prudential Securities. The complaint reached a settlement of $30,000.

Greenstone also allegedly made excessive transactions and unsuitable trades, according to a 1996 customer complaint that reached a settlement in 1998 of $30,000.

Greenstone also allegedly made unsuitable excessive trades, while misrepresenting transactions and failing to safeguard assets, according to a 1997 customer complaint concerning his employment at Prudential Securities. The complaint reached a settlement in 1998 of $20,000.

Greenstone also allegedly made unsuitable investment recommendations and omissions of material facts, while breaching contract and breaching his fiduciary duty, according to a customer complaint filed in 1996 concerning his employment at Prudential Securities. This complaint reached a settlement in 1998 of $52,000.

Michale Greenstone is registered with Merrill Lynch Pierce Fenner & Smith in Glen Rock, New Jersey and Palm Beach, Florida, where he has been registered since 2017. His registrations between 1980 and today include Morgan Stanley, UBS Financial Services, Prudential Securities, Smith Barney Harris Upham, Drexel Burnham Lambert, and Riviere Securities. His FINRA BrokerCheck report shows that he has passed six securities industry qualification examinations and has registrations with 18 US states. (Information current as of August 7, 2019.)

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