According to Investment News, former Merrill Lynch broker, James R. Lanier, has been banned from working in the securities industry for illegally using nearly $1 million of client’s funds. Over the course of several years, Mr. Lanier allegedly forged clients signatures on wire transfers and used the money for personal use. He plead guilty last November to 22 counts of fraud and other related charges, and was sentenced to more than eight years in federal prison. For more on the charges, click here.

Mr. Lanier’s BrokerCheck report indicates that he was discharged from Merrill Lynch in 2010 when the firm got wind of the misappropriated funds. He was an employee with the firm from August 2007 through April 2010.

When brokers, like Lanier, commit fraud and misappropriate funds the brokerage firm that employs them may be liable for negligent supervision and responsible for investment losses. According to Investment News, Merril Lynch has reimbursed Lanier’s victims for their financial losses.

The foregoing information, which is publicly available, has been provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.

The firm primarily represents investors in claims against their financial advisor and brokerage firm. For a free consultation with a securities attorney, please contact the securities fraud attorneys of The White Law Group at312-238-9650.

To learn more on The White Law Group, visit www.WhiteSecuritiesLaw.com.