Daniel Ellison Allegedly Failed to Act in His Client’s Best Interest

Daniel Ellison (CRD #: 2320115), a broker registered with Merrill Lynch, is the subject of an investor dispute. This is according to a disclosure on his BrokerCheck record, accessed on October 27, 2023. Investors should know that this is the sixth investor dispute on his record. 

Alleged Failure to Uphold Regulation Best Interest

On August 23, 2023, investors alleged that Daniel Ellison failed to act in their best interest from 2019 through 2023. 

Previous Investor Disputes 

There are five other investor disputes on his record. Three of these disputes were collectively settled for over $170,000.

What is Regulation Best Interest? 

Regulation Best Interest expands on the requirements of FINRA Rule 2111, which defines suitable investment recommendations. In addition to limiting their recommendations to investments that suit their investors’ needs, brokerage firms must also uphold a Duty of Care, the Conflict of Interest Obligation, and the Disclosure Obligation. These obligations and duties require brokerage firms to disclose conflicts of interest. Firms must also research the market for investments that could offer similar benefits at a lower cost prior to making a recommendation.   

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of Reg BI also violate this rule.

Background Information 

Daniel Ellison 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 

He is a registered broker in 20 states, D.C., and Puerto Rico. He is also a registered investment adviser in New York and Texas. 

During his 30 years of experience, Daniel Ellison has registered with three firms: 

• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• America First Associates Corp. (CRD #: 38245) 
• D.H. Blair & Co. (CRD #: 6833) 

Kurta Law Can Help

If you worked with Daniel Ellison and 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 that 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.