Rawad Alame, formerly with Merrill Lynch, Suspended by FINRA
Have you lost money with financial advisor Rawad Alame? We are looking into allegations made about Rawad Roy Alame from Raleigh, North Carolina. FINRA (the Financial Industry Regulatory Authority) suspended Rawad Alame from the securities industry for six months, a $5,000 fine, and restitution of $2,700. FINRA alleged that Rawad Alame engaged in private securities transactions without disclosing them to his former brokerage firm, Merrill Lynch. Alame was alleged to have opened an account away from Merrill Lynch where he engaged in options trading and lost his clients about $107,000.
Rawad Alame was a financial advisor and registered representative of Merrill Lynch from March 2016 to June 2019. He worked in a branch office in Raleigh, North Carolina.
Brokerage firms like Merrill Lynch have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Phoenix, Arizona; Seattle, Washington; Denver, Colorado; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout North Carolina. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against Merrill Lynch.