ATTENTION MERRILL LYNCH CUSTOMERS WITH ACCOUNTS AT BOSTON BRANCHES: KlaymanToskes Commences Investigation for Potential Negligent Supervision of Financial Advisors and Customer Accounts

BOSTON--(BUSINESS WIRE)--National investment fraud law firm, KlaymanToskes (“KT”), has commenced an investigation in light of a recent regulatory action concerning Merrill Lynch (NYSE:BAC) and its Boston Financial Center branch, which also oversees the Back Bay, Cambridge, Andover, and Beverly branches. The New Hampshire Department of State, Bureau of Securities Regulation recently began an investigation into the trading practices of Merrill Lynch.

Merrill Lynch paid one investor $40 million, the largest settlement to an individual in recent FINRA history, based on the allegations that eventually lead to the termination of Merrill Lynch financial advisor, Charles Ernest Kenahan (“Kenahan”) from its Boston Financial Center branch. Another FINRA claim is currently pending and alleges similar conduct and losses in excess of $40 million and also names Kenahan as the financial advisor. Kenahan was terminated from Merrill Lynch after the allegations surfaced that Kenahan made unauthorized trades and excessively traded (also known as “churning”) customer accounts. Kenahan was partners at Merrill Lynch with Dermod Cavanuagh, who is also subject to a separate FINRA claim for unauthorized trading and excessive trading with requested damages of $50 million.

Merrill Lynch has recently seen two of its veteran managers leave their Boston branches. Merrill Lynch also named a new market executive for its Boston financial market.

The sole purpose of this release is to investigate the sales practices of Merrill Lynch over its Boston branches for potential FINRA sales practice violations including: unsuitable recommendations, misrepresentation and omissions of material facts, and failure to supervise. Current and former customers of Merrill Lynch’s Boston branches who have information relating to the manner in which Merrill Lynch managed and/or supervised their portfolio, are encouraged to contact Lawrence L. Klayman, Esq., at [phone], and download our Special Investor Report.

About KlaymanToskes

KT is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. KT has recovered more than $185 million for investors in arbitration and more than $300 million as counsel in investor class actions. KT has office locations in California, Florida, New York and Puerto Rico.

Destination: https://klaymantoskes.com/attention-merrill-lynch-customers-with-accounts-at-boston-branches