Complaint against Merrill Lynch Wealth Management on Violation of SEC Guidelines. Please be advised that I am in the midst of resolving a disputed situation with Merrill Lynch, as my financial wealth management organization, in transferring my fixed annuities to a variable annuity.in Feb. Merrill Lynch provided guidance, at my request, to find a better investment for my fixed annuity. Their advisement resulted in their guidance for me to authorize their transfer of the funds in February.
When I inquired, over a several month period, as to why it was taking so long to complete the transaction, I was advised that their management was "reviewing it". After May of I was informed that their guidance of how the transaction was done was in violation of the SEC guidance on completing such transactions. When I contacted the SEC Whistleblower section (as it may have been systemic), the SEC delayed in response, but when they contacted me, advised that my complaint was not eligible for that section. Then the SEC assisted by writing Merrill Lynch, on my behalf, to address the situation with my funds. Merrill Lynch responded through their Bank of America/Merrill Lynch Office in New York, by apologizing and committing to investigate the matter. When there was further delay, I wrote Merrill Lynch VP, and as a result, received a voice mail apology on last week from my Merrill Lynch representative, and offering a minor "good faith" arrangement to settle the matter.
I'm not pleased, the situation is not yet clear to me, the SEC has advised on it, but said that they could not enforce any resolution. I would appreciate your assistance in this matter. Thank you.
Samuel
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