There are options for clients of Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Rajesh Markan (CRD# 4553309) who suffered investment losses. He was registered with Hilltop Securities Inc. in Dallas, Texas, from 2022 to 2024, and Merrill Lynch, Pierce, Fenner & Smith Incorporated in Flower Mound, Texas, from 2009 to 2022, when he was terminated regarding, “Conduct involving failure to disclose a loan to a client.”
In October 2024, FINRA barred him after he “consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA as a part of its investigation into the circumstances giving rise to a Form U5 filed by his member firm.”
Rajesh Markan Customer Complaints
He has been the subject of five customer complaints, according to his CRD report:
November 2024. “Client alleges that he was solicited by his Financial Advisor to invest in an outside investment that was fraudulent. He also alleges misappropriation of funds.” The customer is seeking $500,000 in damages, and the case is currently pending. The complaint was regarding hedge fund losses, and it took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
October 2024. “Clients allege that they were solicited by their Financial Advisor to invest in an outside investment that was fraudulent. They also allege misappropriation of funds.” The customer is seeking $1,000,000 in damages, and the case is currently pending. The complaint was regarding hedge fund losses, and it took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
September 2024. “Client alleges that she was solicited by her financial advisor to invest in an outside investment that was fraudulent.” The customer is seeking $200,000 in damages, and the case is currently pending. The complaint was regarding hedge fund losses, and it took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
September 2024. “Allegations that representative created a bogus hedge fund, bogus prospectuses and other materials to share with Claimants to solicit fraudulent investment.” The customer is seeking $420,000 in damages, and the case is currently pending. The complaint was regarding private equity losses, and it took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
August 2024. “Clients allege that they were solicited by their financial advisor to invest in an outside investment that was fraudulent.” The customer is seeking $200,000 in damages, and the case is currently pending. The complaint was regarding hedge fund losses, and it took place while he was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated.
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, Pierce, Fenner & Smith Incorporated may be liable for investment or other losses suffered by Rajesh Markan’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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