Securities fraud attorneys are currently investigating claims on behalf of investors who suffered significant losses as a result of doing business with Matthew Becker and Merrill Lynch. Consent orders against Becker and Merrill Lynch were recently announced by the New Hampshire Bureau of Securities Regulation. According to the orders, Matthew Becker was not properly supervised by Merrill Lynch and, as a result of this failure, he was able to engage in short-term trading that was unsuitable for his clients.
According to stock fraud lawyers, the investigation began when one of Becker’s clients filed a complaint with the bureau. The complaint alleged unsuitable and excessive trading by Becker in the client’s account. Reportedly, it wasn’t until five months after the complaint was received by Merrill Lynch, in September 2010, that Merril Lynch required heightened supervision of Becker.
“After a thorough investigation and review by Bureau auditor William Masuck, we determined that there was a basis for the client’s complaint of excessive trading, especially with regard to mutual funds and structured products,” says Deputy Director of Enforcement Jeff Spill. “These kinds of investments are not suitable for frequent, short-term trading.”