The Investor’s Watchdog

The Investor's Watchdog

Former Merrill Lynch Registered Representative Consents to FINRA Sanctions for Allegedly Misappropriating Client Funds

Monday, November 18, 2019

Former Merrill Lynch, Pierce, Fenner & Smith, Inc. general securities representative Ma Rosa Linan Abrego recently consented to a FINRA bar for refusing to appear for on-the record testimony, in violation of FINRA Rules 8210 and 2010.

According to her FINRA BrokerCheck report, Abrego was associated with Merrill Lynch in McAllen, Texas from December 2016 to July 2019 when she was discharged for alleged misappropriation of client funds. Shortly after the firm report these allegations, FINRA investigated the alleged misconduct.

On October 3, 2019, in connection with its investigation into whether Respondent engaged in misappropriation, FINRA staff sent a request to Respondent for on-the-record testimony. Ms. Abrego acknowledged that she received FINRA’s request, but that she would not appear for on-the-record testimony at any time. By refusing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Ms. Abrego violated FINRA Rules 8210 and 2010.

Oftentimes brokerage firms can be held liable for the brokers’ misconduct if they failed to supervise them while registered at the firm.  If you lost money due to broker misconduct, you may be able to recover from your broker or the brokerage firm where he or she was registered. Since 1998, the attorneys at ChapmanAlbin LLC have been fighting for victims of investment fraud and broker misconduct. Call us today at 1-877-410-8172 for a free consultation.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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