Michael Crosett Allegedly Failed to Supervise

Michael Crosett (CRD #: 2250412), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is the subject of an investigation by the Commissioner of Securities in Georgia. This disclosure appears on his BrokerCheck record, accessed on November 9, 2023. Keep reading if you have questions about his alleged conduct. 

On September 1, 2023, the Commissioner of Securities of the State of Georgia alleged that Merrill Lynch and Michael Crosett failed to supervise the accounts of a client with respect to styling the customer’s name.

Failure to Supervise 

FINRA Rule 3110 requires that firms establish supervisory systems to ensure their compliance with securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow. If a firm fails to catch red flags of broker misconduct, it may face FINRA fines for failure to supervise. 

Civil Suit

On July 21, 2023, Bellevue Memorial Gardens Inc. filed a civil case against Michael Crosett. It alleges a breach of fiduciary duties and negligence. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Negligence violates this rule. 

Background Information 

Michael Crosett 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 10 General Securities Sales Supervisor – General Module Examination 
• Series 9 General Securities Sales Supervisor – Options Module Examination 
• Series 8 General Securities Sales Supervisor – (Options Module & General Module) 

He is a registered broker in 50 states and D.C. He is a registered investment adviser in Georgia, South Carolina, and Texas. 

Michael Crosett has exclusively registered with Merrill Lynch (CRD #: 7691) during his 29 years of experience. 

Kurta Law Can Help

If you worked with Michael Crosett and have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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 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.