Merrill Lynch FA Barred After Allegations of Taking a Loan From a Client
Finra has barred a former Merrill Lynch financial advisor the wirehouse discharged last year, according to the industry’s self-regulator.
Patrick Neal Foley had been registered in the industry for a little over a year in Merrill Lynch’s Ontario, Calif., branch when the firm discharged him in January 2018 over allegations of “conduct including accepting loans from a client,” according to his BrokerCheck profile.
In the comment section of that disclosure record, Foley says that the loan was made not to him personally but to a dental company that was 100% owned by his wife, according to BrokerCheck.
Nonetheless, last month, Foley allegedly failed to testify in connection with Finra’s investigation into the loans, telling the regulator through his counsel that he wouldn’t appear as requested, according to a letter of acceptance, waiver and consent published by Finra.
Foley consented to the bar without admitting or denying the regulator’s findings, Finra says.
In addition to his discharge from Merrill Lynch and the Finra bar, Foley has one more disclosure event on his record — a bankruptcy from 2011 that was discharged, according to BrokerCheck.