Littleton, Colorado financial advisor Kiran Devarapalli (CRD# 6416586) was recently fired by LPL Financial in connection with alleged rule violations....Read More
Phil Jones: $5 Million Complaint Against Merrill Lynch Advisor
Houston financial advisor Phil Jones (CRD# 2445213) recently received an investor complaint alleging that his advice resulted in losses. Records maintained by the Financial Industry Regulatory Authority indicate that he is currently registered as a broker and an investment advisor with Merrill Lynch.
Mr. Jones’ BrokerCheck report discloses one investor complaint. Filed in December 2023, it alleges that as a representative of Merrill Lynch, he misrepresented material facts, omitted material facts, and recommended unsuitable structured products in 2016 and 2017. The pending complaint alleges damages of $5 million.
Investors should be aware that advisors like Mr. Jones are forbidden by industry standards from providing misrepresentations their investment recommendations. FINRA Rule 2020 specifically states that that no registered representative shall “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.” Brokers who fail to uphold this rule may be held liable in the event of losses.
Merrill Lynch’s website includes a profile of Mr. Jones that describes him as a Senior Vice President and Senior Financial Advisor with the firm. “Phil concentrates in providing planning and investment recommendations for individuals in the areas of retirement and college planning, income and estate tax minimization strategies,” it states, “while working with their attorney and tax advisors, and wealth preservation.”
According to the Financial Industry Regulatory Authority, Phil Jones holds 30 years of securities industry experience. Based in Houston, Texas, he has been a broker and an investment advisor with Merrill Lynch since 1994. His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 23 state licenses. (Information current as of January 30, 2024.)
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.