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Investor Claims Patrick Dwyer Investment Recommendations Led to $5.3 Million Loss

Dec 20, 2021 Investor Disputes

Patrick Dwyer (CRD #:2250476), is involved in multiple unsuitability disputes according to his BrokerCheck record.  According to the most recent allegations, Patrick Dwyer recommended an unsuitable investment to his client.  

On December 17, 2021, an investor alleged that Patrick Dwyer allegedly misrepresented investments and recommended unsuitable investments. The investor is seeking $600,000; the dispute is pending.

Another dispute from just a few months earlier alleges the same type of misconduct. In the dispute dated September 2, 2021, the investor is seeking $5.3 million. 

There are two settled investor disputes from 2019 to 2020 that allege Patrick Dwyer recommended unsuitable investments. These disputes were collectively settled for $165,800.00. 

There are three denied disputes from 2005 to 2019 that also allege Patrick Dwyer recommended unsuitable investments. Investors should know that a firm may deny a dispute without a third-party review. Denials simply indicate that the firm denies their representative engaged in misconduct. Investors can still recover losses following a denial.  

What is Suitability? 

“Suitability” is the term used to describe an ethical, enforceable standard for investments that financial professionals are bound to when dealing with clients. An investment is only considered “suitable” if it meets the suitability criteria outlined in FINRA Rule 2111.  

A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor. Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment.  

Resignation Details 

On August 21, 2019, Patrick Dwyer resigned  from his position at Merrill Lynch, Pierce, Fenner & Smith Incorporated following allegations that he engaged in activities inconsistent with firm standards and policies governing conduct, including conduct relating to government lobbying activities. 

Background Information 

Patrick Dwyer 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 31 – Futures Managed Funds Examination 
  • Series 7 – General Securities Representative Examination 

Patrick Dwyer has worked with the following firm   

  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) 

Kurta Law Can Help 

If you have worked with Patrick Dwyer and have concerns about your investments, don’t hesitate to contact us today 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 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.