Keith Simmons, Broker with Merrill Lynch, Facing Customer Dispute Seeking $1M in Damages

Simmons is accused of making unsuitable investment recommendations in 2020. 

Keith Simmons  (CRD#:730619) is currently registered as a broker and investment adviser with Merrill Lynch, where he has been employed since 1981. Merrill Lynch is the only firm Simmons has been employed with throughout his career. 

Simmons has four disclosures on his BrokerCheck report. 

November 2020 Customer Dispute

• Status: Pending
• Allegations: The Personal Representative for the decedent alleges unsuitable investment recommendations in early 2020.
• Damage Amount Requested: $1,100,000.00

May 2020 Customer Dispute

• Status: Pending
• Allegations: The customer alleges unsuitable investment recommendations.
• Damage Amount Requested: $8,000,000.00

December 2009 Customer Dispute

• Status: Settled
• Allegations: The customer alleges misrepresentation regarding the liquidity and risk of auction rate securities in June 2008.
• Damage Amount Requested: $300,000.00
• Settlement Amount: $300,000.00
• Broker Comment: This matter, which involved the sale of auction rate securities (ARS), was settled by MLPF&S to avoid the costs and uncertainty of continued litigation. The financial advisor did not make any payment to the client, and was not asked to, and did not contribute to, the repurchase amount. The settlement amount item 11 above reflects the par value of the repurchased ARS, as required by FINRA Regulatory Notice 09-12. 

October 1997 Customer Dispute

• Status: Settled
• Allegations: Customer alleged that Mr. Simmons oversold shares of Alpine Lace Brands Inc. without his authorization. Customer requests that these shares be reinstated in his account.
• Settlement Amount: $9,000.00
• Broker Comment: Merrill Lynch settled this matter for $9,000.00 as a business decision and to avoid the costs and risks associated with litigation. Not Provided

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Keith Simmons. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.