Welcome to Financial Advisor IQ
Follow

Ex-Merrill Lynch FA Says Wirehouse Didn’t Pay Her What It Owed

July 9, 2018

A former Merrill Lynch advisor has accused the wirehouse of failing to honor its promises about her compensation, the Madison County Record writes.

Denise Arendell alleges breach of oral contract and fraudulent misrepresentation, among other charges, filed against Merrill Lynch and its parent company Bank of America last month in the Madison County Circuit Court in Illinois, according to the publication.

Arendell, who worked in Merrill Lynch’s Glen Carbon office, claims the defendants didn’t grant her the 20% of pool accounts in 2014 she had been promised and, in 2016, failed to pay the 50% share she says she was promised from the production profits of a team, the Record writes.

Arendell is seeking compensatory damages in excess of $50,000, punitive damages, and lawyer fees and costs, according to the publication. Arendell is also seeking a trial by jury, the Record writes.

(Getty)

Arendell began her financial services career in 2006 with LPL Financial and joined Wells Fargo Advisors Financial Network in 2010, staying on for less than a year, according to her BrokerCheck profile. She came to Merrill Lynch in 2011 and left for Edward Jones in 2017, according to BrokerCheck.

By Alex Padalka
  • To read the Madison County Record article cited in this story, click here.