Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 6, 2016 indicate that New York-based Merrill Lynch broker/adviser Joseph Ilg is the subject of pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Ilg (CRD# 5980783).
Joseph Ilg has spent three years in the securities industry and has been registered with Merrill Lynch in New York, New York since 2014. Previous registrations include Spartan Capital Securities in Garden City, New York (2013-2014) and NYLife Securities in Windsor, Connecticut (2012-2013). He is a registered broker and investment adviser with four US states: Connecticut, Florida, New Jersey, and New York.
According to his BrokerCheck report, Joseph Ilg has received two pending customer complaints.
In June 2015, a customer alleged Joseph Ilg, while employed at Spartan Capital Securities, recommended unsuitable investments, and charged excessive commissions. The customer is seeking damages exceeding $45,000 in the pending complaint.
In June 2015, a customer alleged Joseph Ilg, while employed at Spartan Capital Securities, charged excessive commissions and made unsuitable investment recommendations. The customer is seeking damages exceeding $27,000 in the pending complaint.
According to FINRA rules and federal securities law, brokers firms like Joseph Ilg are beholden to a fiduciary duty that requires them to act only in the best interests of their clients. This means, for instance, that they can only recommend suitable investments that take into account the client’s investment goals, experience, and risk tolerance. Broker-dealer firms are not permitted to misrepresent or omit material facts related to an investment, as this might cause a customer to invest unsuitably. Brokers and firms who violate applicable rules and regulations may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities.
If you or someone you know has lost money investing with Joseph Ilg, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.