Public records published by the Financial Industry Regulatory Authority (FINRA) on March 17, 2017 indicate that former Arkansas-based Merrill Lynch broker/adviser Adam Smith has been sanctioned by FINRA and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Smith (CRD# 4542903).
Adam Smith has spent thirteen years in the securities industry and was most recently registered with Merrill Lynch in Rogers, Arkansas (2005-2016). Previous registrations include Banc of America Investment Services in Boston, Massachusetts and Merrill lynch in New York, New York. He has passed two securities industry examinations: Series 66 (Uniform Combined State Law Examination) and Series 7 (General Securities Representative Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, Adam Smith has received two regulatory sanctions and was terminated from his former employer.
In March 2017 FINRA sanctioned Adam Smith following allegations he “accepted gifts totaling $105,000 from two customers in contravention of his member firm’s prohibition against its employees accepting gifts in the form of checks or cash from customers.” FINRA also alleged he “denied having received any gifts from clients in response to an inquiry from the firm.” He was issued a one-year suspension and a fine of $10,000.
In June 2016 the Arkansas Securities Department sanctioned Adam Smith following allegations he “accepted monetary gifts totaling $105,000 from a client of his employer, Merrill Lynch, Pierce, Fenner & Smith, Inc., in violation of the firm’s compliance policy.” The Department also alleged: “Smith’s acceptance of monetary gifts from his client was not in his client’s best interest. Smith was not completely forthcoming in discussions regarding this matter with his employer or with the Arkansas Securities Department.” He was issued a one-year suspension and a fine of $20,000.
In May 2016 he was terminated from his position at Merrill Lynch following allegations he “had knowledge of a family member receiving gifts from a client.”
If you have lost money investing with Adam Smith, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get 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.