Sonn Law Group is investigating claims regarding Bharminder “Ricky” Singh (CRD #5428974, New York, New York). Singh recently was named a respondent in a FINRA complaint alleging that he engaged in a fraudulent scheme and practice of repeatedly buying retail-sized lots of senior notes issued by a company at unfair prices from his member firm’s retail customers for the proprietary account that he managed, and later sold the notes in institutional-sized lots in the inter-dealer market at substantially higher prices. See FINRA Case #2010022691102. Singh was registered with Merrill Lynch, Pierce, Fenner & Smith, Inc., from January 2009 until his termination in December 2014. Singh has been registered with Seaport Global Securities, LLC, since April 2015.
FINRA alleges that between August 2009 and December 2010, Singh engaged in the fraudulent scheme and practice of regularly purchasing retail-sized lots of senior notes issued by the Motors Liquidation Company (“MLC Notes”) at unfair prices from Merrill Lynch’s retail customers for the proprietary trading account that he managed and later selling the MLC Notes in institutional-sized lots in the inter-dealer market at substantially higher prices. Singh’s alleged misconduct increased his trading profits to the detriment of the firm’s retail customers, according to FINRA. As a result, FINRA alleges that Singh willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.
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, Merrill Lynch or Seaport Global Securities may be liable for investment or other losses suffered by Singh’s customers.
If you were a client of Merrill Lynch, Seaport Global Securities or Singh 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.”