New Hampshire’s Bureau of Securities Regulation is investigating Merrill Lynch and one of its former top brokers following customer complaints that alleged misconduct which caused losses exceeding $100 million.
Former New Hampshire governor Craig Benson is quoted by CNBC as claiming that Merrill Lynch stole from him, alleging losses of more than $50 million and market-adjusted damages of over $100 million. Benson claims that Merrill Lynch broker Charles Kenahan churned his account, i.e., made excessive trades in the account for purposes of generating large commissions.
Governor Benson’s friend and long-time business partner Robert Levine already obtained a $40 million settlement from Merrill Lynch following a FINRA arbitration claim which also accused Kenahan of churning, making unsuitable investment recommendations, and misrepresentations.
If you or someone you know suffered losses as a customer of Charles Kenahan or Merrill Lynch, you may have a right to recover any losses you have suffered as a result of wrongdoing. For more information, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.