According to FINRA’s BrokerCheck, Merrill Lynch broker Heather Weber has been the subject of at least seven customer complaints. The complaints claim that Weber violated securities laws, including soliciting unsuitable investments and making misrepresentations of materials facts.
In January 2016 a customer filed a complaint alleging $200,000 in damage stemming from unsuitable investment recommendations from 2012 through 2016. The complaint is pending. In September 2015, another customer filed a complaint alleging unsuitable investments causing $475,000 in losses from investments made from 2012 through July 2014. This claim is pending as well. In October 2014, a customer alleged that Weber recommended unsuitable investments and made misrepresentations and omissions of material facts from March 2006 to September 2014. The claimant requested $1,500,000 in damages, and the complaint is pending. In January 2014, a customer alleged that Weber recommended unsuitable investments and made misrepresentations and omissions of material facts. The claimant requested $500,000 in damages. The case was settled for $60,000. Financial advisors must always make suitable recommendations to their clients and must abide by the suitability rules imposed by FINRA. In recommending to a customer the purchase, sale or exchange of any security, a member shall have reasonable grounds for believing that the recommendation is suitable for such customer upon the basis of the facts, if any, disclosed by such customer as to her other security holdings and as to her financial situation and needs. Prior to the execution of a transaction recommended to a non-institutional customer, other than transactions with customers where investments are limited to money market mutual funds, a member shall make reasonable efforts to obtain information concerning: the customer’s financial status; the customer’s tax status; the customer’s investment objectives; and such other information used or considered to be reasonable by such member or registered representative in making recommendations to the customer. If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.