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Investor Alleges that Dwayne Ross Executed Unauthorized Trades

Dwayne Ross (CRD #: 1852884), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, was involved in a recent investor dispute, according to his BrokerCheck record, accessed on July 8, 2022. Keep reading to learn more about Dwayne Ross’s conduct as a broker.

Investor Dispute

On March 28, 2022, an investor alleged that Dwayne Ross engaged in unauthorized trading in October 2021, which incurred unexpected tax consequences for the client. This dispute was denied by the firm.

Investors should know, however, that firms can deny disputes without an external review. Investors may be able to recover their funds by seeking out FINRA arbitration.

FINRA Rule 3260

Unauthorized trading violates FINRA Rule 3260, which limits brokers to exercising discretion only in pre-approved discretionary accounts. Both the client and the firm must provide authorization for an account before discretionary trading can occur.

Background Information

Dwayne Ross 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 3 – National Commodity Futures Examination
  • Series 7 – General Securities Representative Examination
  • Series 9 – General Securities Sales Supervisor – Options Module Examination
  • Series 10 – General Securities Sales Supervisor – General Module Examination

Dwayne Ross is a registered broker in 39 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:

  • Morgan Stanley (CRD#:149777)
  • Citigroup Global Markets (CRD#:7059)
  • Prudential Securities (CRD#:7471)
  • Dean Witter Reynolds (CRD#:7556)
  • J. W. Gant & Associates (CRD#:7963)

Kurta Law Can Help

If you worked with Dwayne Ross and you have concerns about your investments, please contact us today at 877-600-0098 or 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.