Last Updated: March 2025, Pennington, NJ
Elan Sanker Investigation Summary
Here’s what you need to know about Pennington, NJ, stockbroker Elan Sanker:
- Name: Elan Sanker
- Current Status: Not currently registered
- Last Employer: Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Primary Location: Pennington, NJ
- CRD Number: 5580543
- Function: Former Stockbroker / Financial Advisor
- Prior Employers: Northwestern Mutual Investment Services, Edward Jones, UBS Financial Services, AXA Advisors
- Can Elan Sanker be sued in FINRA arbitration? Yes
- Sanctioned by FINRA? Yes – Barred permanently
- Discharged by a Prior Employer: Yes
- Highest Settlement or Award: $217,500
If you’ve sustained damages from Mr. Sanker, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Elan Sanker As Your Stockbroker?
A customer of Merrill Lynch, Pierce, Fenner & Smith was paid a settlement of $217,500 in February 2024 to resolve allegations that Elan Sanker engaged in “selling away”—the unauthorized sale of securities outside of the employing firm’s approval.
In 5/2023 Sanker was discharged from Merrill Lynch for entering into a financial arrangement with a client and failing to disclose an outside business activity.
Mr. Sanker was barred permanently by FINRA on October 4, 2024, for failing to comply with FINRA’s request for testimony regarding his discharge from Merrill Lynch.
Allegations of Broker Misconduct Against Elan Sanker
It is alleged that Elan Sanker engaged in the following misconduct:
- Selling Away – Engaged in unauthorized sales of promissory notes, which is a serious violation of FINRA Rule 3280, which prohibits brokers from selling securities outside their employer’s supervision.
- Failure to Disclose Outside Business Activities – A violation of FINRA Rule 3270, which requires brokers to inform their employers of outside business engagements.
- Failure to Comply with FINRA Investigation – Refused to provide on-the-record testimony to FINRA regarding his dismissal from Merrill Lynch, leading to a permanent bar from the securities industry.
FINRA takes allegations of selling away and outside business activities seriously because such actions can lead to fraudulent schemes and conflicts of interest. If you have been impacted by Mr. Sanker’s misconduct, you may be eligible to recover your investment losses through FINRA arbitration.
Recover Your Investment Losses Now With Rex Securities Law
See this for our prior investigations of Merrill Lynch brokers.
If you have suffered investment losses in an account handled by Elan Sanker, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.