The White Law Group Files another FINRA Claim Against Merrill Lynch
Vero Beach Financial Advisor Bill King now has 29 Customer Complaints
The White Law Group, a national securities fraud and investor protection law firm, announces today the filing of another FINRA arbitration lawsuit on behalf of a Vero Beach, Florida resident against Merrill Lynch. The claim alleges that the firm failed to supervise its financial advisor, William “Bill” King, resulting in significant investment losses for the claimant. The advisor has now reportedly been sued 29 times for similar allegations.
FINRA is the regulator that oversees brokers and brokerage firms in the U.S. and provides a forum for dispute resolution for investors.
The lawsuit seeks damages between $500,000 and $1,000,000, alleging common law fraud, breach of fiduciary duty, negligence, and negligent supervision.
Allegations Against Merrill Lynch
The claim alleges that while working for Merrill Lynch, Bill King recommended an unsuitable investment strategy involving high-risk, high-frequency options trading that was entirely unsuitable for the Claimant. It appears that Respondent elected to adopt this strategy because of the commissions and fees that would be generated from the use of this strategy. Unfortunately, while the strategy was unsuitable for virtually anyone, including the Claimant, it also grossly underperformed the market, resulting in substantial losses for the Claimant.
The claim further alleges that at no time did Mr. King discuss with Claimant a properly diversified portfolio and he failed to recommend any investments that would have been suitable given the investment objectives and risk tolerance of the Claimant.
Bill King’s FINRA Broker Report Indicates Customer Complaints
According to Bill King’s FINRA BrokerCheck Report, he has been the subject of at least twenty-nine (29) customer disputes or FINRA lawsuits dealing with similar issues of unsuitable investment allegations. On March 3rd, 2025, FINRA suspended and fined King for after he “exercised discretion when he placed trades in six brokerage accounts held by four firm customers, three of whom were seniors, without prior written authorization from the customers..”
How to Recover Investment Losses
According to D. Daxton White, managing partner of The White Law Group, “It is possible that many more investors have suffered devastating losses due to this type of risky trading strategy. They may not understand that brokerage firms have a responsibility to supervise their brokers, or realize they have recovery options.”
Brokerage firms must supervise their brokers to ensure they comply with FINRA rules. If a financial advisor violated FINRA rules and the employers failed to adequately supervise him, these firms can be held responsible for any resulting losses in a FINRA arbitration claim.
FINRA Arbitration Attorneys – The White Law Group
FINRA Dispute Resolution is an arbitration venue for investors with claims against their brokerage firm or financial professional. ?It provides investors with an opportunity to attempt to recoup their investment losses without filing such claims in court.
Class Action Lawsuit vs. FINRA Arbitration Lawsuit
You may wonder whether a large class action lawsuit is a better litigation option than an individual FINRA arbitration case. The answer depends on many factors, but typically if the loss sustained is large (say larger than $100,000), an individual arbitration claim is likely a better option. Class action lawsuits as a recovery option are more appropriate for grouping large numbers of individuals who have small claims – too small to generally pursue individually.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington. The firm’s managing partner, D. Daxton White, is licensed in Florida and practiced in Vero Beach for several years. For more information on the claims filed against Merrill Lynch, please call the office at 888-637-5510.
