George Fellows Investigation
January 2024- Washington, DC
The FINRA records of George W. Fellows, Jr., a former Merrill Lynch broker, disclose a regulatory event, a settled customer dispute and a termination.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In September 2021, without admitting or denying the FINRA findings, Fellows consented to the sanctions and to the entry of findings that he exercised discretion in customers’ accounts without obtaining written authorization. The findings stated that Fellows received an automated notification that certain customers’ accounts enrolled in a non-discretionary fee-based platform had insufficient liquid assets to allow for the monthly distribution of funds. Without authorization, Fellows changed the apportionment of investments in these accounts to allow such distributions to proceed. The sanctions ordered were a 10 day suspension from FINRA in any and all capacities and a $5,000 fine paid by Fellows individually.
Discretionary vs. Non-Discretionary Accounts
In April 2022, a Merrill Lynch, Pierce, Fenner & Smith (Fellows‘ previous employer) customer alleged misrepresentation regarding the purchase of a variable annuity. The case was settled for $90,000.
In October 2012, Fellows was discharged from Merrill Lynch, Pierce, Fenner & Smith in response to allegations of conduct involving exercising time and price discretion and discretion in non-discretionary fee-based customer accounts. Fellows had been employed with Merrill Lynch, Pierce, Fenner & Smith since February 2007.
Felows has been with registered with Oppenheimer & Co., Inc. since November of 2012.
If you have losses in an account handled by George W. Fellows, Jr. , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney, at no cost to you.
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