Complaint Review: Merrill Lynch - Pierce Fenner & Smith - New York Nationwide
- Merrill Lynch - Pierce Fenner & Smith 4 World Financial Ctr.,250 Vesey St. Nationwide U.S.A.
- Category: Brokerage Companies
Merrill Lynch Lost most of a mentally-disabled client's legal settlements by inapproprate margin account and churning Oakland Office Nationwide
After I suffered a brain injury in a toxic chemical explosion at work I invested all of my Worker's Comp., Toxic-Tort suit, and LTD Insurance settlements (plus my share of my inheritance from my family's estate (-in all, $400,000) with Merrill Lynch in 1998-99. They knew I was unable to deal with my finances or understand my statements. My only income was Social Security Disability.
Rather than sell my highest risk securities and mutual funds (as I requested ) so I could invest the cash in a friend's start-up company in the neurological and environmental field (my personal interest area) my broker (Tim Score in the Oakland ,Calif. office) advised me to simply write a CMA check for $50,000 to the start-up company directly from my account.
This, unwittingly put me into a "margin" account for this, and every other VISA charge I made for 3 years. Subsequent market losses in 2000-02 forced the sale of the remainder of my assets through "margin maintenance calls" wiping me out completely in 2003. I hired an attorney and I am now waiting for relief through binding arbitration next month.
San Rafael, California
This report was posted on Ripoff Report on 05/15/2004 06:41 PM and is a permanent record located here: https://www.ripoffreport.com/reports/merrill-lynch-pierce-fenner-smith/nationwide/merrill-lynch-lost-most-of-a-mentally-disabled-clients-legal-settlements-by-inapproprate-91614. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content
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