Merrill Lynch, Pierce, Fenner & Smith Incorporated Fires Joseph Szal 

Joseph Szal (CRD #: 2216245), a formerly registered broker, was recently fired by Merrill Lynch, Pierce, Fenner & Smith Incorporated, according to his BrokerCheck record, accessed on April 12, 2022. Keep reading for details following his termination. 

Termination Details

On January 31, 2022, Merrill Lynch, Pierce, Fenner & Smith Incorporated fired Joseph Szal after allegedly failing to adhere to the firm’s Know Your Customer standards and executing unauthorized trades.

FINRA Rule 2090 (Know Your Customer)

Registered brokers are responsible for ensuring that the essential facts concerning their customers are accurate and updated in accordance with FINRA Rule 2090. 

FINRA Rule 3260 (Discretionary Accounts)

FINRA Rule 3260(b) prohibits unauthorized discretionary trading. It is not enough for investors to authorize discretionary trading—they must give written authorization, and the firm must accept the accounts for discretionary trading. 

Making unauthorized trades in or facilitating unauthorized withdrawals from a customer’s account is a breach of the duty to observe high standards of commercial honor and just and equitable principles, in violation of FINRA Rule 2010.

Background Information

Joseph Szal 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

Besides Merrill Lynch, Pierce, Fenner & Smith Incorporated, Joseph Szal has also worked with the following firms:

• Janney Montgomery Scott (CRD#:463)
• Wachovia Securities (CRD#:19616)
• Prudential Securities Incorporated (CRD#:7471)

Kurta Law Can Help

If you have been victimized after working with Joseph Szal, 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.