Investigation: Saly Glassman, financial broker at Merrill Lynch

Have you ever invested any of your money with financial adviser Saly Glassman? If so, you need to be aware of the past allegations of misconduct that have been filed against this broker.

Our team is committed to informing investors of their legal rights and the prior misconduct of brokers and brokerage firms.

At the Sonn Law Group, our team is investigating fraud claims against Ms. Glassman and other brokers.

Customer Complaints Against Investment Adviser Saly Glassman

According to publicly available records, which can be accessed using FINRA’s free BrokerCheck tool, Saly Glassman is employed as an financial broker at Merrill Lynch. She was worked at offices in both Pennsylvania and Florida.

During her time at the firm, two judgments have been entered against her and several other customer complaints have been settled. Some of the noteworthy complaints include:

• In November of 2009, a customer complained that Ms. Glassman made material misrepresentations to him and he suffered significant financial losses because of unsuitable investment recommendations that she made. Registered investment advisers have a legal duty to only recommend securities trades that are consistent with a client’s investment objectives, financial position and risk tolerance. If an adviser fails to live up to this duty, he or she can be held financially liable for the client’s losses. In the case in question, a FINRA arbitration panel awarded the complaining customer $52,647 in damages and an additional $30,000 in fees due to Ms. Glassman’s misconduct.
• In April of 2004, several customers alleged that Ms. Glassman had breached her fiduciary duty by overconcentrating investments. The overconcentration of investments refers to circumstances in which a broker puts an inappropriate percentage of a client’s investment into a single stock, a mutual fund or a sector of the economy. Lack of diversification exposes the investor to a substantial amount of unnecessary, and completely avoidable, risk. Without admitting any wrongdoing in these proceedings, Ms. Glassman settled the claim for $53,250 in monetary damages.
• In August of 2002, another customer accused Saly Glassman of recommending unsuitable investments. Additionally, the customer also contended that Ms. Glassman failed to properly follow trading instructions. In the end, this claim was settled and the client received a payment of $97,500.
• In February of 1992, a customer alleged that Ms. Glassman made unauthorized securities transactions, furnished inaccurate financial statements and made unsuitable investment recommendations. Ms. Glassman disputed the findings, but an arbitration panel ruled in favor of the customer. The affected customer received an award that totaled $33,406 in damages.

Contact Our Office Today

At the Sonn Law Group, our investor losses lawyers have helped many fraud victims recover full compensation for their losses. If you lost money with Saly Glassman, Merrill Lynch, or any other broker or brokerage firm, please do not hesitate to reach out to our team today at 1-877-969-2412.

We will review your claim free of charge and determine exactly what needs to be done to protect your rights and interests. From our primary office in Miami, Florida, we represent wronged investors nationwide and internationally.