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John Drennan Embroiled in a $1.6 Million Dispute

Dec 28, 2021 Investor Disputes

John Drennan (CRD #:5431633), a broker registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, is involved in an unsuitability dispute according to his BrokerCheck record.  

According to the allegations filed on October 8, 2021, John Drennan recommended an unsuitable investment and failed to advise on the unforeseen tax consequences of selling stocks. The damage amount requested is $1.6 million — the case is still pending.  

A financial advisor who recommends a security or investment is subject to ethical standards enforced by law. Such laws include: 

  1. FINRA Rule 2111 requires registered financial advisors to have a "reasonable basis" to believe that a recommended transaction or investment strategy suits their client's needs. 
  2. FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or omitting material information — material information includes tax consequences.  
  3. John Drennan's alleged unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.  

Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommends an unsuitable investment.  

Background Information 

John Drennan has passed the following exams: 

  • Series 66 - Uniform Combined State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 7 - General Securities Representative Examination 

He is a registered broker in 16 states. He is also a registered investment advisor in three states. 

Oher than Merrill Lynch, Pierce, Fenner & Smith Incorporated, John Drennan has not worked with any other firm.   

Kurta Law Can Help 

If you have worked with John Drennan and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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.