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Bernie Adair Allegedly Misappropriated Client’s Funds

Nov 22, 2022 Misappropriation

Bernie Adair (CRD #: 1535429), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, allegedly violated multiple FINRA rules, according to his BrokerCheck record, accessed on November 7, 2022. If you have questions about his conduct as a broker, keep reading.

Investor Disputes

On September 6, 2022, a client’s court-appointed guardian alleged that Bernie Adair misappropriated funds from 2017-2019. Bernie Adair allegedly also made misrepresentations, recommended an unsuitable investment strategy, and facilitated transactions that were not in the client’s best interest. This dispute is pending.

A dispute filed on July 15, 2019, alleged that Bernie Adair made an unsuitable investment recommendation, a misrepresentation, and improperly completed account documentation relating to a variable annuity. The client sought $550,000 in damages and received a settlement of $100,000.

FINRA Rule 2111 

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe an investor’s age, risk tolerance, tax status, and other characteristics.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other fraudulent tactics to influence the purchase or sale of securities. Misrepresenting an investment’s features, risks, or potential returns violates this rule.

FINRA Rule 2150

FINRA Rule 2150 bans the misuse and misappropriation of clients’ funds.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Civil Lien

On August 9, 2017, Bernie Adair was the subject of a $44,540.69 civil lien.

Background Information

Bernie Adair 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

Bernie Adair is a registered broker in 27 states and the District of Columbia. He is also a registered investment adviser in Florida and Texas.

He has also worked for the following firms:

  • Dominick & Dominick (CRD#:7344)
  • Prescott, Ball & Turben (CRD#:7656)
  • Gulfstream Financial Associates (CRD#:19910)
  • First American Asset Management Group (CRD#:16661)
  • Welco Securities (CRD#:14061)

Kurta Law Can Help

If you worked with Bernie Adair 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.