Merrill Lynch - Pierce Fenner & Smith
Merrill Lynch Lost most of a mentally-disabled client's legal settlements by inapproprate margin account and churning Oakland Office

After I suffered a brain injury in a toxic chemical explosion at work I invested all of my Worker's Comp., Toxic-Tort suit, and LTD Insurance settlements (plus my share of my inheritance from my family's estate (-in all, $400,000) with Merrill Lynch in 1998-99. They knew I was unable to deal with my finances or understand my statements. My only income was Social Security Disability.

Rather than sell my highest risk securities and mutual funds (as I requested) so I could invest the cash in a friend's start-up company in the neurological and environmental field (my personal interest area) my broker (Tim Score in the Oakland, Calif. Office) advised me to simply write a CMA check for $50,000 to the start-up company directly from my account.

This, unwittingly put me into a "margin" account for this, and every other VISA charge I made for 3 years. Subsequent market losses in 02 forced the sale of the remainder of my assets through "margin maintenance calls" wiping me out completely in 2003. I hired an attorney and I am now waiting for relief through binding arbitration next month.

Company: Merrill Lynch - Pierce Fenner & Smith
Country: USA
State: Nationwide
Address: 4 World Financial Ctr., 250 Vesey St

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