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Todd Mercer Resigns from Merrill Lynch, Embroiled in Selling Away Allegations

Feb 16, 2022 Outside Business Activities

Todd Mercer (CRD #: 2270311), a broker registered with Sanctuary Securities, has voluntarily resigned from Merrill Lynch, Pierce Fenner & Smith. This is according to his BrokerCheck record, accessed on February 7, 2022. If you have any questions about Todd Mercer’s conduct as a broker, keep reading.

On December 6, 2021, Todd Mercer voluntarily resigned from Merrill Lynch following allegations. The firm alleged that Todd Mercer failed to disclose outside business activities and sold securities away from his firm. Merrill Lynch further alleged he participated in a financial arrangement with a client.

“Selling away” refers to a broker selling securities outside of their member firm. This is prohibited by FINRA Rule 3270. Firms must approve securities before brokers can recommend them and selling away allows brokers to circumvent that supervision.

Under Rule 3270, firms must consider whether an outside business activity will:

  1. Interfere with or compromise the broker’s responsibilities to the brokerage firm.
  2. Be viewed by customers as part of the member firm’s business. Brokerage firms do not want customers to believe brokers are offering securities they have approved when that may not be the case.

Investor Dispute

There is a related investor dispute on Todd Mercer’s record.

According to an investor dispute dated November 18, 2021, an investor alleged that Todd Mercer sold away from his firm and engaged in an undisclosed business activity.

Todd Mercer has the following outside businesses listed on his detailed BrokerCheck record:

  • GEC Aircraft Holdings
  • GEC Reality (This LLC also owns part of a Vineyard in California, a rental home in Santa Rosa Beach, Florida, and part of a CBD company.)
  • University of Louisville – Department Arts and Sciences Dean Advisory Board

Background Information

Todd Mercer 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 24 General Securities Principal Examination

He is a registered broker in 15 states and is a registered investment adviser in Kentucky and Texas.

Todd Mercer has worked with the following firms:

  • Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691)
  • UBS Financial Services (CRD #: 8174)
  • Morgan Keegan & Company (CRD #: 4161)
  • Fifth Third Securities (CRD #: 628)
  • Liberty Securities Corporation (CRD#: 14416)
  • Independent Financial Securities (CRD #: 19924)
  • NatCity Investments (CRD #: 17490)
  • National City Investments (CRD #: 17365)

Kurta Law Can Help

If you have worked with Todd Mercer 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 on behalf of investors who have lost money following broker fraud or misconduct. Kurta Law is a nationally recognized law firm and exclusively represents investors on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Our attorneys will work tirelessly to restore your lost funds and get your financial future back on track.