Phillip Conley, Formerly of Merrill Lynch, Charged by SEC for Allegedly Defrauding Investors

Conley was accused of conducting a $5.2 million fraudulent securities offering.

The Sonn Law Group is investigating allegations that Phillip Conley defrauded investors. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Phillip Conley (CRD#: 4799544) was charged by the SEC with conducting a $5.2 million fraudulent securities offering.

The complaint alleges that between January 2014 and September 2018, Conley induced investors to purchase securities by making a series of materially false and misleading statements and omissions concerning the legitimacy of the investments and use of investor proceeds.

The complaint also alleges that Conley failed to invest those proceeds, instead of using them for his personal benefit, including private jet rentals, luxury purchases, dining, and entertainment. The remainder of the proceeds he used to pay earlier investors in a Ponzi-like fashion.

The SEC is seeking a permanent injunction, disgorgement of ill-gotten gains, prejudgment interest, and civil monetary penalties.

Conley has five other disclosures on his BrokerCheck report.

December 2015 Regulatory Judgment

• Initiated By: FINRA
• Allegations: “Respondent Conley failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”
• Resolution: Letter
• Sanctions: Suspension
• Duration: N/A

• Start Date: 12/3/2015

• Regulator Statement: “Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Conley is suspended on December 3, 2015 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.”

February 2015 Customer Dispute

• Status: Settled
• Allegations: “The client alleges the FA recommended the sale of an annuity which resulted in a large redemption fee and the proceeds were used to purchase another similar annuity. (1/27/12-2/29/12)”
• Settlement Amount: $34,750.00

June 2011 Judgment/Lien

• Judgment/Lien Amount: $6,747.00
• Judgment/Lien Type: Civil
• Broker Comment:  “This dispute with Equifax as of 7/1/2012, when Mr. Conley first learned of the lien’s existence. Mr. Conley states that this is a result of an identity theft issue that has been ongoing since 2007.”

October 2009 Customer Dispute

• Status: Award/Judgment
• Allegations:  “Suitability, unauthorized”
• Damage Amount Requested: $75,174.67
• Damages Granted: $23,625.79

July 2008 Judgment/Lien

• Judgment/Lien Amount: $1,134.00
• Judgment/Lien Type: Civil
• Broker Comment:  “This dispute with Equifax as of 7/1/2012, when Mr. Conley first learned of the lien’s existence. Mr. Conley states that this is a result of an identity theft issue that has been ongoing since 2007.”

Contact Us Today

The Sonn Law Group is currently investigating allegations that Phillip Conley defrauded investors 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.