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Patrick Brown: $1.3MM Complaint Against Alabama Merrill Lynch Rep
Ex-Merrill Lynch representative Patrick Brown (CRD# 6089009) was involved in a pending customer complaint that settled for more than $1 million. According to the Financial Industry Regulatory Authority, a self-regulatory organization overseeing broker-dealer companies, Brown was previously registered with Merrill Lynch’s office in Montgomery, Alabama.
According to Patrick Brown’s BrokerCheck report, a Merrill Lynch customer filed a complaint in 2020 alleging that he was involved in “the fraudulent transfer of stocks.” In 2021 the complaint reached a settlement of $1,347,000.
The BrokerCheck report for Patrick Brown’s previous member firm, Merrill Lynch, discloses 873 customer disputes against it. A 2015 complaint alleging breach of fiduciary duty and negligence, for instance, reached a 2017 settlement of $685,579.32. A 2017 complaint alleging misrepresentation, omission, suitability violations, failure to supervise, negligence, fraud, and breach of fiduciary duty reached a 2020 settlement of $1,820,532.93. A 2018 complaint alleging unauthorized trading, negligence, misrepresentation, and failure to supervise reached a 2019 settlement of $330,000.
Merrill Lynch’s BrokerCheck report also discloses 585 regulatory enforcement actions against the firm. One recent example is an October 2021 FINRA order finding the firm failed to create and maintain an adequate supervisory system to control short positions in municipal securities. FINRA censured the firm and ordered it to pay $1.5 million.
According to the Financial Industry Regulatory Authority, Patrick Brown holds eight years of securities industry experience. He was previously registered as a broker and as an investment adviser, but he is not currently registered as either. His registration history includes Merrill Lynch in Montgomery, Alabama, where he was registered from 2012 until 2020. He has passed the Uniform Combined State Law Examination (Series 66), the Securities Industry Essentials Examination (SIE), and the General Securities Representative Examination (Series 7). He currently holds no state securities licenses. (Information current as of November 15, 2021.)
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