Did you lose money investing with Nancy Mellon (CRD# 1253484)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Nancy Mellon. If you suffered losses investing with Nancy Mellon, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of April 6, 2023, Nancy Mellon’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Regulatory Event
1 Employment Separation After Allegations
1 Financial Disclosure
2 Judgment(s)/Liens
November 17, 2022 – A NAC decision became final in which Mellon was barred from association with any FINRA member in all capacities. The NAC affirmed the findings and the sanctions imposed by the OHO. The sanction was based on the findings that Mellon converted funds from her member firm. The findings stated that Mellon converted $4,300 from the firm, $2,800 of which came from her Financial Advisor Expense Management System account, which allowed employees to be reimbursed for their out-of-pocket business expenses from a flexible spending account to which employees contributed pre-tax dollars from their compensation, and $1,500 from a system that enabled employees to enter their expenses for direct reimbursement from the firm. The findings also stated that Mellon falsified expense reports. Mellon directed her assistant to enter four false expense reports on her behalf that were false because Mellon represented that she had paid $3,800 to a college football bowl game when she had not. Mellon used the front and back of a dishonored check as evidence of that payment when she knew that the check had not cleared. In addition, she sought reimbursement of an additional $500 more than the college football bowl game invoice. The findings also included that, by submitting false expense reports, Mellon caused the firm to maintain inaccurate books and records. FINRA found that Mellon provided false and misleading information to FINRA. Mellon purposefully took steps to prevent the production of the documents requested by FINRA during its investigation into her expense reports. Mellon requested that her bank provide a letter denying the production of the account statements. Mellon also falsely responded to FINRA that the bank statements were unavailable and claimed that the college football bowl game invoice was not paid by check. FINRA gave Mellon multiple opportunities to correct her misrepresentations. In response to FINRA’s renewed requests, Mellon continued to falsely respond that she did not have access to her bank statements. In addition, in furtherance of her attempts to mislead FINRA, Mellon provided an email that contained only part of her email communications with her bank recommending that Mellon consult an attorney, which Mellon took out of context in an attempt to mislead FINRA. However, the bank confirmed to FINRA that it would provide Mellon’s bank statements to her, but she had not requested the documents. Mellon knew that producing copies of statements from the joint account would reveal that she had not paid the invoice before the firm reimbursed her $4,300. Mellon also knew that the bank would produce the statements for her if she asked for them. (FINRA Case #2017052760001)
Current and Previous Registrations
08/17/2012 – 01/04/2017 WELLS FARGO CLEARING SERVICES, LLC (CRD#:19616) TAMPA, FL
06/01/2009 – 09/05/2012 MORGAN STANLEY SMITH BARNEY (CRD#:149777) TAMPA, FL
02/27/2004 – 06/01/2009 CITIGROUP GLOBAL MARKETS INC. (CRD#:7059) TAMPA, FL
08/17/2001 – 03/11/2004 UBS FINANCIAL SERVICES INC. (CRD#:8174) WEEHAWKEN, NJ
07/17/1992 – 08/31/2001 A. G. EDWARDS & SONS, INC. (CRD#:4) ST. LOUIS, MO
06/20/1984 – 09/01/1987 MORGAN KEEGAN & COMPANY, INC. (CRD#:4161)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Nancy Mellon and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
