FINRA Sanctions Dennis Merritt: What Options Investors Have

Stoltmann Law Offices is investigating Dennis Merritt, a Florida-based JW Cole Financial broker, who was recently sanctioned by the Financial Industry Regulatory Authority (FINRA). Before being registered with JW Cole, Merritt was registered with Wells Fargo and was discharged. In March 2016, FINRA sanctioned him following allegations he engaged in private securities transactions in that he recommended customers invest in a product without reasonable grounds to believe it was suitable for them, and “falsely represented in an annual certification to his firm that he was complying with its policy prohibiting representatives from participating in private securities transactions.” For this, he was suspended from the industry for four months. Customers invested a total of $115,000 in the speculative investment. In 2013, Merritt was discharged from his position at Wells Fargo following allegations he referred customers to an investment not offered through his firm. This is against securities rules and regulations.

Merritt was registered with Wells Fargo Advisors in Palm Harbor, Florida from June 2009 until May 2013 and J.W. Cole Financial Inc. in Clearwater, Florida from March 2014 until June 2016. He is not currently registered with any member firm and is not licensed within the industry. Merritt’s former firm, Wells Fargo, may be responsible for investment losses because they had a responsibility to reasonably supervise him while he was employed with the firm. Because they did not, they can be sued in the FINRA arbitration forum on a contingency fee basis. Please call today for a free consultation.

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