David John Merola Allegedly Fraudulently Induced a Client into Forfeiting His Pension; Merola Allegedly Used Material Misrepresentations & Omissions
David Merola allegedly fraudulently induced a client into forfeiting their pension, all according to a customer complaint disclosed in publicly available records maintained by the Financial Industry Regulatory Authority (FINRA).
Said claim alleges that Merola allegedly used material misrepresentations and omissions to convince the client to invest the proceeds of the pension into unsuitable variable annuities still pending, was filed on June 14, 2018, and is requesting damages of $347,064.13.
The investor rights lawyers at Goldman Scarlato & Penny law firm are investigating Mr. Merola’s conduct to determine whether any investors may have claims for alleged material misrepresentations and omissions. Investors may contact investor rights attorney Alan Rosca to provide information or inquire about their legal options.
David Merola has worked as an Investment Advisor Representative at The Huntington Investment Company in Worthington, OH since April 6, 1993, has over 25 years of experience in the finance industry, and three customer disputes in sum, FINRA notes.
David Merola Has Two Customer Disputes Going Back to 2009
David Merola was the subject of a customer dispute filed on August 6, 2009 which alleged that in April 2008 a client allegedly communicated that their risk tolerance was low and asked for options and then nothing was done, FINRA states.
Said claim requested $94,871.83 in damages and was settled for $17,200.00, FINRA states.
David Merola was also the subject of a claim wherein clients allege the variable annuity does not fulfill their financial objective and fees associated with the contract were not appropriately explained to them, FINRA notes.
Said claim was filed on February 5, 2009, requested $10,616.81 in damages, and was eventually withdrawn, FINRA notes.
Brokerage firms such as The Huntington Investment Company have a responsibility to adequately supervise all of their registered representatives who are employed through their firm, to prevent violations of securities rules and regulations. Brokerage firms also must initiate action to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. If and when brokerage firms fail to adequately supervise their registered representatives, they may be held liable for investment losses sustained by customers.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating David Merola’s alleged material misrepresentations and omissions. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to securities class actions.
If you or a loved one or a friend has lost money investing with David Merola, you may contact attorney Alan Rosca or his colleagues for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at firstname.lastname@example.org, or through the contact form on this webpage.