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Patrick Dwyer
Patrick Dwyer, a former Merrill Lynch advisor, faces allegations of unsuitable investment advice, including a pending $5.3 million loss claim. These disputes underscore the necessity for advisors to uphold ethical standards and for investors to exercise due diligence.
Quick summary on Patrick Dwyer
Patrick Dwyer, a former Merrill Lynch financial advisor, is currently facing multiple allegations of unsuitable investment recommendations, leading to significant client losses. Notably, an investor claims a loss of $5.3 million due to Dwyer’s advice.
Background: Patrick Dwyer was a prominent figure at Merrill Lynch from October 1993 until his resignation in August 2019. His departure followed allegations of activities inconsistent with firm policies, including issues related to governmental lobbying. Dwyer’s professional record reveals multiple customer disputes, with claims of unsuitable investment recommendations and misrepresentations.
Investor Allegations: In September 2021, a Merrill Lynch client filed a FINRA case (#21-002251) alleging that Dwyer’s unsuitable investment recommendations and misrepresentations led to a $5.3 million loss, primarily due to options trading. This case remains pending. Additionally, in December 2021, another client filed a FINRA case (#21-03057) seeking $600,000 in damages for similar allegations related to options trading. Earlier disputes from 2019 and 2020 were settled for amounts totaling $165,800.
Conclusion: The series of allegations and disputes associated with Patrick Dwyer highlight the critical importance of financial advisors adhering to suitability standards and maintaining transparent communication with clients. Investors are urged to conduct thorough due diligence and remain vigilant regarding the advice and strategies proposed by their financial advisors.
Intel Reports
by: Trey Brooks
Patrick Dwyer’s bad advice cost investors millions how is he still allowed to operate
by: Phoenix Hayes
Dwyer’s name is tied to multiple lawsuits for a reason he misleads investors and pushes them into disastrous trades I’ve seen firsthand how he convinces clients to go along with risky options strategies that they don’t fully understand. The result...
by: Adeline Jenkins
Lost $5.3 million due to his reckless recommendations Stay far away
by: Ivy Coleman
The fact that Patrick Dwyer has been hit with multiple FINRA cases should be a huge red flag to anyone considering working with him. His investment advice has cost people millions, and the worst part is that he continues operating...