Marvin Somlo is Facing a FINRA Fine
Marvin Somlo (CRD #: 6617205), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is facing a FINRA suspension. This disclosure appears on his BrokerCheck record, accessed on August 2, 2024. Keep reading if you have questions regarding his alleged conduct.
Regulatory Action
On June 12, 2024, Marvin Somlo entered into an Acceptance, Waiver & Consent agreement (AWC) in which he consented to the findings that he violated firm policies by using electronic messaging services. He allegedly exchanged more than 1,000 communications with customers and prospective customers regarding securities-related business via electronic messaging platforms that were not permitted by his firm’s policy.
His violations allegedly made the firm fail to maintain accurate books and records.
Terms of the AWC
Marvin Somlo consented to a one-month suspension and a $5,000 fine. You can read a copy of the suspension here.
FINRA Rule 4511
FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Violations of firm policies may also violate this rule.
Background Information
Marvin Somlo 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
- Series 6 Investment Company Products/ Variable Contracts Representative Examination
He is a registered broker in 13 states and is a registered investment adviser in Illinois and Texas.
During his six of experience, he has registered with three firms:
- Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
- Network 1 Financial Securities (CRD #: 13577)
- Northwestern Mutual Investment Services (CRD #: 2881)
Kurta Law Can Help
If you have worked with Marvin Somlo and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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 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. Do not let securities fraud go unchecked. Start your recovery process today.
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