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Merrill Lynch / Mismanagement of my stocks

May 21, 2015
33% 3
Contact information:
Merrill Lynch /Bank of America
My mom had stocks with this company for years. When she passed away in 2003, my sister got half and I got the other. We stayed with my mom's advisor. We became friends with our advisor and trusted her. Recently when I asked to sell some stock, my advisor would question me on why I needed the money? Was it a emergency? Then lecture about, you know, if you take that money it's gone forever UNLESS you put it back. Really? I thought it was my money. I don't need to be lectured or told what to do. I got fed up and found a new financial company to handle my stocks. I also had a checking account with Merrill Lynch. This advisor was also telling my sister about my finances. Not good. So on a late Wednesday afternoon I sign the paperwork for my stocks to be transfered. Early Thursday morning my ex-advisor calls me and tells me that she got the paperwork and that I can't write checks or use my visa card anymore. My checking account is closed. I need to find a bank, get a new account, call the VA and State about my direct deposit, call my creditor's that get auto-pay and let them know about my new account. Nice. Way to crap on someone. Then I ask about my VA disability that's being deposited at midnight. She said she'd get back to me. So off I go with only $60.00 to open a account, because I have NO access to my money.
After that, I spent all morning into the afternoon calling my creditors. Later that day I get a email from her stating that my account would stay open for 30 days of until 5/6 for any money that floats in. So i'm thinking i'll have money for my bills. No! Early on Friday, this advisor has her secretary call me to tell me that they rejected my VA check. That's so low and this so called friend, advisor screwed me and couldn't tell me herself! I went 2 weeks with no money. I had to call all my creditors again and explain the situation. What a freaking nightmare. Then when my stocks get transfered to my new financial place, we go through them and see that she had most of my money in stocks that where doing terrible and one of them I had lost $14, 000.00 in 2 months!! What the hell? What are you getting paid for? Did I say that i'm a dialed Vet, on a fixed income and she's been playing Russian Roulette with my money? Bad, bad business. She should be fired and merrill lynch should pay my $14, 000.00 back. Yah. Right. Don't invest with them. They're untrustworthy. If you want any proof of any of this, I have all the emails and my stock record, where it shows the money that I lost! I should of had a better balanced profolio and with that amount of money lost in 2 months, she should have had me come in and change things up. Glad I left.


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A  19th of Jun, 2016 by 
Agree Disagree 0 Votes
I wholeheartedly agree with you, and that the EXACT similar scenario. Merrill Edge accidentally locked us out of our brokerage account, charged us immense fees, refused to provide any statements or transfer our liquid cash out. They threatened to sell our securities at market value, with their erroneous locking of our brokerage, and we are currently suing them for Breech of Fiduciary Duty, Securities fraud, deception, incompetence, Churning, bait and switch, breech of consumer protection act, all under federal and state laws federal securities laws. Also whatever the hell hole their name is Merrill Edge or Merrill Lynch - they are going down for causing us immense psychological suffering and no access to our money of which we desperately needed to survive on and for medical care. MERRILL EDGE IS THE WORST BROKER. DECEPTIVE, BREECH OF FIDUCIARY DUTIES, FRAUDULENT, INCOMPETENT, NEGLECTFUL, IMPROPER, DISHONEST, PREDATORY, ETC...

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4 World Financial Center, 250 Vesey Street
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