FINRA Bars Merrill Lynch Advisor Elan Sanker
According to the Financial Industry Regulatory Authority (FINRA), the regulator has reportedly barred Elan Sanker (CRD#: 5580543) from working in the securities industry as a broker. Sanker reportedly refused to appear for on-the-record testimony requested by FINRA during the course of an investigation that originated from FINRA’s review of a Form U5 submitted by his member firm.
According to FINRA, Sanker was reportedly discharged for conduct including allegedly “entering into a financial arrangement with a client; failure to disclose an OBA and using a personal device for business purposes.”
Outside Business Activities
FINRA rule 3270 requires that registered representatives disclose any Outside Business Activities (OBAs) that they engage in.The rule is designed to protect investors by ensuring that registered individuals do not engage in activities that may compromise their professional responsibilities, cause conflicts of interest, or divert their attention from their primary duties to their clients.
FINRA BrokerCheck – Elan Sanker
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
Elan Sanker reportedly has one customer complaint on his record for allegations of “selling away in January 2018.”
According to his FINRA broker report, Sanker was reportedly registered with the following firms during his career, among others.
11/19/2018 – 06/22/2023 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#:7691) PENNINGTON, NJ
03/06/2018 – 08/07/2018 NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC (CRD#:2881) Jamison, PA
08/25/2016 – 01/23/2018 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#:7691) PHILADELPHIA, PA
12/05/2014 – 08/03/2016 EDWARD JONES (CRD#:250)YARDLEY, PA
Regulation Best Interest
Under the “Regulation Best Interest” standard, broker-dealers are obligated to perform due diligence when evaluating any investment. If your financial advisor fails to perform due diligence on an investment before recommending it to you, they could be held liable for investment losses.
If your advisor unsuitably recommended an investment offering and you lost money, the securities attorneys at The White Law Group may be able to file a complaint for you. You may be able to recover losses by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
Free Consultation with National Securities Attorneys
If you have suffered investment losses with Elan Sanker and Merrill Lynch, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
About the White Law Group
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losses.
Last modified: November 6, 2024
