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Norval Haile Terminated by Merrill Lynch

Norval Haile (CRD #: 4248149) has been fired by Merrill Lynch, Pierce, Fenner, & Smith. This disclosure appears on his BrokerCheck record, accessed on December 15, 2023. Keep reading if you would like more details regarding the firm allegations. 

On October 27, 2023, Merrill Lynch terminated Norval Haile following allegations regarding his conduct, including exercising discretion in nondiscretionary client accounts. 

Discretionary vs. Nondiscretionary Accounts 

FINRA Rule 3260 requires brokers to receive written authorization from their clients before engaging in discretionary trading. The firm must also approve the designation of an account as discretionary before this trading can occur. Unauthorized trading occurs when brokers exercise discretionary trades in nondiscretionary accounts. 

FINRA Rule 2010

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

Background Information 

Norval Haile has passed the following exams: 

  • Series 66 Uniform Combined State Law Examination
  • Series 63 Uniform Securities Agent State Law Examination
  • Series 7TO General Securities Representative Examination  
  • SIE – Securities Industry Essentials Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 

Besides Merrill Lynch, he has also registered with Merrill Lynch. 

Kurta Law Can Help 

If you have worked with Norval Haile and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or 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.