Broker Investigation: Luke A. Eddy

Broker Investigation: Luke A. Eddy

Luke A. Eddy (CRD#: 6364037) was employed as a securities broker at Merrill Lynch in Worcester, Massachusetts from 2014 to 2017.

In May of 2017, Mr. Eddy was discharged from his position at the firm after the firm determined that he impersonated a client during a phone conversation with internal firm personnel and he forged the client’s signature on brokerage firm documents.

Suspended Broker: Former Merrill Lynch Representative Luke A. Eddy

Soon after he was terminated, FINRA launched its own investigation into the allegations against Luke A. Eddy. On September 11th, 2018 the agency announced that Mr. Eddy is being suspended from the industry for three months (until December 16th, 2018) and is being fined $5,000.

FINRA determined that Luke A. Eddy did indeed impersonate an elderly customer during a recorded call with the brokerage firm. He did this in an attempt to get a check mailed to her daughter. When the firm blocked the transaction due to suspicions of impersonation, Mr. Eddy then forged her signature on firm documents.

Without admitting or denying any wrongdoing, Mr. Eddy consented to FINRA’s findings that he impersonated an elderly client during a phone conversation. Unfortunately, elder financial abuse remains a very serious problem. It is crucial that elderly investors receive the utmost protection from brokerage firms.

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Sonn Law Group is investigating claims regarding Joel Eziekel Blum (CRD #4905379, Goshen, New York). Blum recently submitted an AWC in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for 20 days. See FINRA Case #2014040186601. Blum was associated with Merrill Lynch from May 2008 until his termination in February 2014. Blum has been associated with Ameriprise Financial Services, Inc., since February 2014. The Form U-5 filed by Merrill Lynch to terminate Blum's registration states that he was discharged for "conduct including failure to contact clients in advance of entering orders in non-discretionary accounts and mismarking order tickets as unsolicited." FINRA found that Blum executed discretionary transactions in customer accounts without written authorization to do so. In addition, Blum mismarked order tickets in connection with these transactions, inaccurately indicating that the trades were unsolicited, according to FINRA. In entering into the AWC, Blum neither admitted or denied FINRA's findings. Pursuant to FINRA Rules, member firms are responsible for supervising a broker's activities during the time the broker is registered with the firm. Therefore, Ameriprise or Merrill Lynch may be liable for investment or other losses suffered by Blum's customers. If you were a client of Ameriprise, Merrill Lynch, or Blum, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our "contact form."
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