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Investor Alleges Benjamin Jolly Failed to Act in Their Best Interest

Jul 22, 2022 Unsuitable Investments

Benjamin Jolly (CRD #: 4636261), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is involved in a pending dispute, according to his BrokerCheck record, accessed on July 10, 2022. If you want to learn more about Benjamin Jolly’s conduct as a broker, read on.

Investor Dispute

In a dispute filed on May 12, 2022, an investor alleged that Benjamin Jolly failed to act in their best interest by recommending they enroll a new account into an investment advisory program. This dispute is currently pending.

Regulation Best Interest (Reg-BI)

Regulation Best Interest is a regulation that requires brokerage firms to keep their clients’ best interests in mind when recommending securities or providing other advice.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Brokers must take into account the information in their client’s profile, such as the investor’s age, risk tolerance, and investment goals.

  • Securities may be unsuitable because they are high-risk and likely to result in losses.
  • Investments may also be unsuitable because they are illiquid and intended to be held long-term, making it difficult and potentially expensive for investors to cash out.
  • The requirement for quantitative suitability means that brokers cannot execute an excessive number of trades in a client’s account.

Background Information

Benjamin Jolly has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Benjamin Jolly is a registered broker in 28 states and the District of Columbia. He is also a registered investment adviser in Maryland and Texas.

He has also worked for Signator Investors (CRD#:468).

Kurta Law Can Help

If you worked with Benjamin Jolly and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.