As recently reported, former registered representative Ryan Raskin (Raskin, CRD No. 5539610), previously affiliated with Merrill Lynch in that firm’s Beverly Hills, CA branch office, has been barred from the securities industry by FINRA. Pursuant to a Letter of Acceptance, Waiver & Consent (AWC) as effective January 13, 2021—in which Mr. Raskin neither admitted nor denied the factual findings—the industry bar concerns his alleged violation of FINRA Rules 8210 and 2010 by “failing to provide documents and information repeatedly requested” by FINRA.

Ryan Raskin had more than a decade of securities industry experience, having begun working for Morgan Stanley around 2008. Raskin was previously affiliated with Morgan Stanley from 2008 – May 2016. Thereafter, from May 2016 until his discharge from employment around March 4, 2020, Mr. Raskin was affiliated with Merrill Lynch. In connection with his discharge, Merrill Lynch reported on Mr. Raskin’s Form U5 that he had been terminated due to allegations of “conduct involving business practices inconsistent with Firm standards, including inappropriate investment recommendations.”

Following his discharge by Merrill Lynch, FINRA Enforcement began an inquiry into Mr. Raskin’s termination. In that regard, pursuant to FINRA Rule 8210, certain documents and information were requested from Mr. Raskin by FINRA. However, Mr. Raskin’s purported refusal to provide such requested documents and information constituted a violation of FINRA Rule 8210, in addition to Rule 2010 which requires industry members to “conduct business with high standards of commercial honor” and “maintain just and equitable principles of trade.”

Under applicable securities laws and FINRA Rules, brokerage firms like Merrill Lynch have a duty to ensure that their registered representatives are adequately supervised. In this regard, brokerage firms must take reasonable steps to ensure that their brokers follow applicable securities rules and regulations, as well as adhere to the firm’s internal policies and procedures. In those instances when a brokerage firm fails to adequately supervise its brokers, it may be held liable for losses suffered by investors.

Investors who have suffered losses with Ryan Raskin, or another financial advisor, may contact our office by telephone at (201) 771-1115 or by email at info@gialawgroup.com for a no-cost and confidential consultation to learn more about their legal rights. The attorneys at Giarrusso Law Group LLC have extensive experience with handling all manner of claims on behalf of investors who have been victimized by securities fraud or related misconduct.