Ethan De Naray, currently a registered broker with Feltl & Company, was terminated from his position with Merrill Lynch in May of 2017 after allegedly using discretion in non-discretionary customer accounts and mismarking trades as unsolicited when in fact they were solicited. Despite the allegations, he remains registered as a broker and investment adviser in eleven states and has been employed with Feltl & Company since July 2017.
Neray was with Merrill Lynch in Minneapolis, Minnesota when the alleged misconduct took place. According to his FINRA report, Neray received one customer complaint alleging that he mismarked solicited trades as unsolicited and participated in unauthorized trading. The dispute settled in February 2017 for $92,000.
Marking Solicited Trades As Unsolicited
Unsolicited trades are those that are instigated by the investor himself. When trades are generated by the broker and result from his or her recommendation, they are referred to as solicited trades and should be marked as such. Mismarking solicited trades as unsolicited trades is an old trick that unscrupulous brokers sometimes use to disguise improper or unauthorized trading activity in customer accounts. Inaccurately reporting trades is a violation of industry rules.
Did You Lose Money While Investing with Ethan De Naray?
It is important for clients to take action right away to preserve their right to recover damages. If you or someone you know experienced financial losses while working with Naray, Meyer Wilson would like to hear from you. Give our office a call at (800) 738-1960 for a consultation today. With our team of dedicated investment fraud attorneys by your side, you may be able to recoup some of your losses.