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Broker Complaints: Merriman Capital (CRD# 18296)

The New York based securities fraud law firm, Fitapelli Kurta is interested in speaking to investors who have complaints regarding Merriman Capital or its brokers.

Merriman Capital is an independent broker-dealer firm registered with both the SEC and FINRA. Merriman Capital was incorporated in California in 1986 and has offices in 51 U.S. states and territories. Merriman Capital’s main office is located in San Francisco, California.

Merriman Capital has a history of regulatory events and has been a party to at least one arbitration with FINRA.

For example, in December 2013 Merriman Capital was fined $120,000 for failing to have supervisory procedures in place that were reasonably designed to achieve compliance with federal securities law and FINRA regulations. Additionally, between May 2009 and September 2013, Merriman Capital raised more than $16 million dollars for its parent company, Merriman Holdings, Inc. through several private placement securities offerings without designating a principal to supervise these private placements, without filing the offering materials with FINRA, as required by FINRA Rules, and while disclosing a term sheet to investors that only stated that $750,000 to $1 million of the proceeds would be used to settle litigation. The investors were not told any additional information about where their investments would be allocated.  

In December 2011, Merriman Capital was fined $30,000 for paying 1.5 million dollars in transaction based compensation to an unregistered person. Merriman Capital also failed to timely report three customer complaints to FINRA and failed to amend one of its brokers U4 forms to reflect that the broker had been a party to a FINRA arbitration which had settled for over $15,000.

In December 2010, a FINRA arbitration panel entered a $29,500 award against Merriman Capital. The customer who filed the complaint alleged Merriman Capital breached its fiduciary duty, failed to supervise its broker, made misrepresentations of material facts and made unsuitable investment recommendations.

In November 2009, Merriman Capital was fined $100,000 for failing to supervise a broker who was engaged in two fraudulent schemes. First, the broker provided accounts statements of Merriman Capital’s customers to his friend, so that his friend could fraudulently pledge securities held in the accounts to obtain more than $45 million in personal loans. Second, the broker engaged in unauthorized trading in several Merriman Capital customer’s accounts.

If you or someone you know has fallen victim to any corrupt broker practices at Merriman Capital as a result of bad investments recommended by Merriman Capital. or any of its brokers, you may be entitled to full recovery of your losses.

Our firm prosecutes cases on behalf of investors, like yourself, who have been victimized by broker-dealers like Merriman Capital. Time to file a claim with FINRA is limited, so do not delay. Call 212-658-1502 now for your free consultation.

 

As a note to investors, Merriman Capital also goes by the following names: MERRIMAN CURHAN FORD & CO., RTX SECURITIES CORPORATION, SPIDER SECURITIES, INC., WESTERN CAPITAL FINANCIAL GROUP. Its Parent company is Merriman Holdings, Inc.