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Merrill Lynch Fired Kenneth Spell Following Unauthorized Trading Allegations

Kenneth Spell (CRD #: 709178) has been fired from Merrill Lynch, Pierce, Fenner & Smith. Keep reading to learn more about the allegations on his BrokerCheck record, accessed on April 19, 2022.

On December 15, 2021, Merrill Lynch fired Kenneth Spell following allegations that he made an unauthorized trade in an investor’s account.

  • FINRA Rule 3260 prohibits brokers from exercising discretionary trades in an investor’s account unless the investor has given their written authorization and the brokerage firm has accepted the account for discretionary trading.
  • Kenneth Spell allegedly exercised time-and-price discretion in a nondiscretionary investor account. Brokers must have authorization for time-and-price discretion as well.

Background Information

Kenneth Spell has passed the following exams:

  • Series 66 Uniform Combined State Law Examination
  • Series 63 Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 31 Futures Managed Funds Examination
  • Series 7 General Securities Representative Examination

Kenneth Spell has worked with the following firms:

  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
  • Morgan Stanley (CRD #: 149777)
  • CitiGroup Global Markets (CRD #: 7059)
  • Painewebber Incorporated (CRD #: 8174)
  • Rotan Mosle (CRD #: 727)
  • G. Edwards & Sons (CRD #: 4)
  • Rauscher Pierce Refsnes (CRD #: 6663)
  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)

Kurta Law Can Help

If you worked with Kenneth Spell 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.