DID JOHN JAMES FORSTER CAUSE YOU INVESTMENT LOSSES?
John Forster was fired from Merrill Lynch, Pierce, Fenner & Smith Incorporated on November 6, 2024, due to compliance breaches
Who is John Forster formerly with Merrill Lynch, Pierce, Fenner & Smith Incorporated?
John Forster (CRD #1303832) who was formerly registered as a broker with Merrill Lynch, Pierce, Fenner & Smith Incorporated and located in Washington, D.C., is a subject of one of our many securities industry sales practice abuse investigations.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
John Forster Employment History and Termination
John James Forster has over 40 years of experience in the securities industry. He has worked for multiple firms, including Merrill Lynch, Pierce, Fenner & Smith Incorporated (2012–2024), Morgan Stanley (2009–2012), and Citigroup Global Markets Inc. (1994–2009). He is currently registered with San Blas Securities LLC, effective November 19, 2024.
He has passed five industry exams, including the Series 7 and Series 65, and holds licenses in 29 U.S. states.
Mr. Forster has eight customer disputes reported, along with one employment termination. His termination from Merrill Lynch involved allegations of unauthorized trades and mismarking orders in non-discretionary accounts.
On November 6, 2024, Merrill Lynch terminated Mr. Forster’s employment after an investigation into allegations of unauthorized order placements in non-discretionary accounts and mismarking trades. These actions raised significant compliance concerns, leading to his discharge.
Negative Disclosures Summary
John Forster’s disclosures include one termination and eight customer disputes:
- Employment Termination:
- Firm: Merrill Lynch, Pierce, Fenner & Smith Incorporated.
- Date: November 6, 2024.
- Details: Allegations of unauthorized trades in non-discretionary accounts and mismarking trades.
- Customer Disputes:
- Two Pending Disputes:
- 1 Filed: December 5, 2024.
- Complaint: Unauthorized trades from June to December 2024 in options accounts.
- Alleged Damages: $700,000.
- Status: Pending.
- 1 Filed: December 27, 2024.
- Complaint: Failure to act in the best interest of a self-directed portfolio.
- Alleged Damages: Unspecified
- Status: Pending.
- Two Settled Disputes:
- 1 Filed: June 12, 2023.
- Complaint: Unsuitable recommendation related to a variable annuity.
- Alleged Damages: $272,000
- Settlement: $112,500.
- 1 Filed: December 29, 2009.
- Complaint: Mismanagement of an account and unsuitable asset allocation.
- Alleged Damages: $4,000,000
- Settlement: $750,000.
- Four Denied or Dismissed Disputes:
- Allegations included unauthorized trades, misrepresentation of investment strategies, and unsuitable asset allocation, with no damages awarded.
Allegations and Accusations
John James Forster’s record includes multiple allegations of unauthorized trading, mismarking trades, and unsuitable recommendations. Specific issues include:
- Customer Disputes:
- Unauthorized trades leading to ongoing disputes with damages claims of $700,000.
- Mismanagement and unsuitable recommendations resulting in substantial settlements ($112,500 and $750,000).
- Employment termination due to compliance breaches.
John Forster Red Flags & Your Rights As An Investor
Regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint was filed, the termination of John Forster is a red flag which should put all current and former customers of John Forster at Merrill Lynch, Pierce, Fenner & Smith Incorporated on alert to review carefully the activity and performance of their accounts and question whether John Forster engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Merrill Lynch, Pierce, Fenner & Smith Incorporated also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Merrill Lynch, Pierce, Fenner & Smith Incorporated Due To John Forster
If you have questions about Merrill Lynch, Pierce, Fenner & Smith Incorporated and/or John Forster and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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