Articles Tagged with Dennis Merritt

According to Financial Industry Regulatory Authority (FINRA) records, Dennis Merritt, a former JW Cole Financial broker in Clearwater, Florida, was suspended from the industry for four months. The disciplinary action stated that Merritt recommended unsuitable investments to clients, into which the clients put $115,000. Allegedly, when Merritt recommended the investments, he had not conducted adequate due diligence into whether the company was suitable for any client and he had no reasonable basis to recommend that investment to any client. He never reviewed the company’s financial projections, did not conduct research on its product, did not obtain information on its executives and did not request, obtain or review documents that had to do with the company. Merritt also falsely affirmed that he was complying with the firm’s private securities transactions policy. A broker must do his due diligence on any security that he recommends to his clients. If he does not, his firm may be responsible for investment losses.

Merritt was registered with EF Hutton & Company, Shearson Lehman Hutton, Empire National Securities Inc., Citicorp Financial Services, Citicorp Investment Services, Kemper Financial Services, Nationssecurities, Amsouth Investment Services, Morgan Keegan & Company, Wells Fargo Advisors, Cetera Investment Services and JW Cole Financial Inc. in Clearwater, Florida from March 2014 until June 2016. He is not licensed within the industry. Please call our securities law offices in Chicago today to speak to an attorney about your options of suing JW Cole, Merritt’s former firm, for investment losses. We take cases on a contingency fee basis. The call to us is free so please call today.

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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