FINRA Bars Cambridge Investment Broker Edward Mercer after Allegations of Selling Away
According to public records, on November 15, 2023, FINRA, the self-regulator that oversees brokers and brokerage firms, has reportedly barred financial advisor Edward “Ed” Mercer (CRD#: 1839328) from associating with any FINRA member at any time.
Mercer reportedly refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into a customer’s investment in a crypto asset offering away from his member firm. According to his broker report, Mercer’s member firm, Cambridge Investment Research, was reportedly in the process of terminating Mercer when he resigned on November 3, 2023.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.” Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
FINRA BrokerCheck Report – Edward Mercer
According to this FINRA BrokerCheck report, Edward Mercer was affiliated with the following firms during his career, among others:
09/01/2022 – 11/08/2023, CAMBRIDGE INVESTMENT RESEARCH, INC. (CRD#:39543), Coral Springs, FL,
B, 12/15/2021 – 09/08/2022, LPL FINANCIAL LLC (CRD#:6413), CORAL SPRINGS, FL
B, 05/19/2015 – 12/07/2015, MIDDLEBURY SECURITIES LLC (CRD#:122602), WEYBRIDGE, VT
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.
FINRA BrokerCheck provides investors with detailed information about the professional history, qualifications, and regulatory actions of brokers and brokerage firms. Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
Filing a Complaint against your Brokerage Firm
When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you have suffered investment losses with Edward Mercer and Cambridge Investment Research, 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.
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. For more information, please visit our website, www.whitesecuritieslaw.com.
Tags: broker investigation, Cambridge Investment Research, Edward Mercer Last modified: November 30, 2023