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Investor Alleges Roger Wallach Provided Negligent Advice

Feb 7, 2023 Negligence

Roger Wallach (CRD #: 2460445), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, is involved in a pending dispute, according to his BrokerCheck record, accessed on January 31, 2023. If you want to know more about his alleged conduct as a broker, keep reading.

Investor Dispute

On November 8, 2022, an investor filed a dispute against Roger Wallach and Merrill Lynch, Pierce, Fenner & Smith alleging that they engaged in negligence with regard to advice to change his accounts to managed accounts. The client alleges that this advice failed to take into consideration the tax liability associated with this change. This dispute is currently pending.

FINRA Rule 2010

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

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult the investor’s profile, which contains information about their tax status, age, and risk tolerance.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

What qualifies as broker negligence?

Many kinds of broker misconduct may qualify as negligence, ranging from the misrepresentation or omission of material facts to excessive or unauthorized trading. Investors who feel their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Background Information

Roger Wallach 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 3 – National Commodity Futures Examination
  • Series 7 – General Securities Representative Examination

Roger Wallach is a registered broker in 26 states and the District of Columbia. He is also a registered investment adviser in Texas and Virginia.

He has also worked for the following firms:

  • Truist Advisory Services (CRD#:283390)
  • Truist Investment Services (CRD#:17499)
  • SunTrust Investment Services (CRD#:17499)
  • Morgan Stanley (CRD#:149777)
  • Citigroup Global Markets (CRD#:7059)
  • Wachovia Securities (CRD#:19616)
  • UBS Financial Services (CRD#:8174)
  • Donaldson, Lufkin & Jenrette Securities (CRD#:7560)
  • Credit Suisse First Boston Corporation (CRD#:816)
  • TD Securities (USA) (CRD#:18476)

Kurta Law Can Help

If you worked with Roger Wallach 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.