DID DANIEL R ELLISON CAUSE YOU INVESTMENT LOSSES?
Daniel Ellison Of Merrill Lynch, Pierce, Fenner & Smith Incorporated Has 6 Customer Complaints For Alleged Broker Misconduct
Who is Daniel Ellison of Merrill Lynch, Pierce, Fenner & Smith Incorporated?
Daniel Ellison (CRD #2320115) has been registered in the securities industry since 1993. He is currently associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated, where he has been employed since October 11, 1996. He is registered with six self-regulatory organizations (SROs) and holds licenses in 22 U.S. states and territories. His qualifications include passing two general industry/product exams and two state securities law exams. Mr. Ellison’s prior employment includes brief tenures with America First Associates Corp. (April 1996 – August 1996) and D. H. Blair & Co., Inc. (April 1993 – March 1996). Additionally, he serves on the advisory board of a non-profit organization, Harlem Lacrosse and Leadership, dedicating time to charitable activities outside his investment-related responsibilities.
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Daniel Ellison Customer Complaints and Reviews
There are Six customer disputes noted: three settled disputes, two dismissed or denied disputes and one pending dispute
- Settled Dispute #1
- Complaint: Unsuitable investment recommendations and misrepresentation in debt-government securities (2012-2013).
- Claimed Damages: $300,000.
- Settlement: $165,000.
- Settled Dispute #2
- Complaint: Unsuitable investments and lack of full disclosure regarding mutual funds.
- Claimed Damages: Not specified.
- Settlement: $5,709.
- Settled Dispute #3
- Complaint: Misrepresentation about avoiding contingent deferred sales charges in mutual funds.
- Claimed Damages: $10,861.
- Settlement: $8,713.
- Dismissed/Denied Dispute #1
- Complaint: Misrepresentation and omissions in mutual funds from 2004-2013.
- Outcome: Customer expressed regret for the complaint, and it was denied.
- Dismissed/Denied Dispute #2
- Complaint: Account changes without permission, poor performance, and margin trading concerns.
- Claimed Damages: $401,000.
- Outcome: The case was closed with no action taken.
- Pending Dispute
- Complaint: Failure to act in the best interests of clients in self-directed, non-managed fee-based accounts (2019-2023).
- Claimed Damages: Not specified.
- Status: Currently under arbitration in New York (Case #23-03605).
Allegations Against Daniel Ellison
- Settled Cases:
- Three disputes were resolved through settlements totaling approximately $179,422. Allegations in these cases centered on unsuitable investment recommendations, misrepresentation, and lack of full disclosure, particularly in mutual funds and government securities. Although settlements were reached, Mr. Ellison consistently denied the allegations and noted that settlements were made for business purposes.
- Dismissed Cases:
- Two complaints alleging misrepresentation and improper account handling were either denied or closed without action. One customer withdrew their complaint, indicating no further pursuit of damage.
- Pending Case:
- The most recent complaint involves allegations of failing to act in clients’ best interests over a four-year period. The absence of specified damage leaves the scope of the case unclear. Arbitration is ongoing.