Former Merrill Lynch Broker Shaun Hayes was the subject of seven customer
disputes lodged in 2017, all for
unauthorized trading in his customers' accounts according to his Financial Industry Regulatory
One complaint has been settled with a payment to the customer of $125,000
and six others are still pending. All of the alleged misconduct took place
while Hayes was registered as a broker at Merrill Lynch out of Fort Worth,
Texas. The alleged unauthorized trading took place between 2013 and 2017.
Hayes worked for Merrill Lynch from 2012 to 2017, but is no longer affiliated
with a broker-dealer firm.
Are You a Victim of Unauthorized Trading?
All financial advisors are required to obtain a client's permission
before placing trades in a client's account. In some instances, individuals
provide brokers with a blanket "trading authorization" that
enables him or her to conduct securities transactions without having to
seek permission for each occurrence. If no written trading authorization
is given for a particular account, a broker must obtain permission
before any transaction is made. Unauthorized trading is a violation of securities
laws, and brokers making unauthorized trades can be held liable for any
To help identify whether unauthorized trading is taking place, investors
should carefully inspect trade confirmations and monthly account statements
and address any concerns or anomalies immediately. Because unauthorized
trading can be difficult to prove, the sooner an investor takes steps
to rectify the situation, the better.
Individuals who invested money with Shaun Hayes and suspect that he made
transactions in their accounts without consent should
contact an investment fraud lawyer at Meyer Wilson today for a free case evaluation.