Merrill Lifer Fired After Undisclosed Outside Business Allegations, Related Client Suit

Cecilia Nysing

July 9, 2021

Merrill Lynch fired a 26-year lifer in Miami, Florida, following allegations that the advisor participated “in a financial arrangement with a client and failed to disclose outside business activity,” according to a termination U5 form that the wirehouse filed with regulators this week.

The advisor, Jorge A. Sonville, had previously been singled out but not named as a defendant in a pending lawsuit filed by a former octogenarian client against Merrill.

That lawsuit, filed in 2020 by Eduardo Tarajano, Sr., alleges that Merrill failed to supervise Sonville, who persuaded them starting in 2015 to invest almost $5 million, much of it from a trust set for their retirement, in a Key Biscayne liquor store that ultimately sold in 2020 for $585,000.

The lawsuit also alleges that either Sonville or his spouse held an undisclosed interest in the liquor store, which resulted in payments to them of approximately $70,000. Sonville also allegedly worked closely with Tarajano’s son, who received an ownership stake in the store, to “pilfer the accounts Merrill Lynch was managing” and Sonville’s cousin received a commission for the liquor store sale, the lawsuit said.

In November 2020, a U.S. District Court in Miami granted Merrill’s motion to compel Tarajano to arbitrate his claims and stayed the litigation.

Sonville, who began as a full-time advisor at Merrill in 1995, is no longer registered to represent a broker-dealer, according to his BrokerCheck record. He did not immediately return a request for comment for this story sent through social media.

A Merrill Lynch spokesman declined to provide any comment beyond referring to the U5 language.

On his BrokerCheck record, Sonville has listed as a disclosure the 2020-filed Tarajano claim, which is described as based on “an unsuitable investment recommendation and engaging in an undisclosed outside business activity from 2015 until 2020,” with $4 million in requested damages.

He also has listed on the same record a 1998-filed claim by William H. and Geraldine Scherer based on allegations their requested trade was not made, triggering more than $10,000 in damages–a claim ultimately settled for $6,000. In Sonville’s comments about the disclosure, he denies receiving the order from the customers, who he alleged did not raise the claim in a timely manner, but said he agreed to offer the settlement amount “purely as a business decision.”

Next Post

Speech & Voice Recognition Systems Market Size 2021 by Share And Forecast 2028

New Jersey, USA, – The Speech & Voice Recognition Systems Market report aims to equip report readers with a versatile understanding of the various marketing opportunities that are widely available in regional hubs. A thorough assessment and assessment of these factors are likely to influence the incremental growth prospects of the […]
Situs judi online Hsobet terpercaya

Link daftar Liga228 agen bola terpercaya paling aman yang selalu menjaga kenyamanan para bettor.

Situs sbobet resmi terpercaya. Daftar situs slot online gacor resmi terbaik. Agen situs judi bola resmi terpercaya. Situs idn poker online resmi. Agen situs idn poker online resmi terpercaya. Situs idn poker terpercaya.

situs idn poker terbesar di Indonesia.

List website idn poker terbaik. QQCuan https://18.142.63.79/ Slot Gacor Hari Ini

Situs agen slot terpercaya dan resmi

slot hoki gacor

slot terpercaya

slot gacor hari ini

sbobet online

เว็บไซต์เกมสล็อตแตกง่ายที่เชื่อถือ

slot gacor Situs Slot Online Online Terpercaya