Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 24, 2016 indicate that Wisconsin-based Merrill Lynch broker/adviser Paul Akre has been sanctioned by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Akre (CRD# 1068145).
Paul Akre has spent 33 years in the securities industry and has been registered with Merrill Lynch in Waukesha, Wisconsin since 2013. Previous registrations include Wells Fargo Advisors in Waukesha, Wisconsin; Morgan Stanley DW in Purchase, New York; and Merrill Lynch in New York, New York. He is a registered broker and investment adviser with 22 US states and territories.
According to his BrokerCheck report, Paul Akre has received one regulatory sanction and resigned from Wells Fargo Advisors.
In May 2016, FINRA sanctioned Paul Akre following allegations he improperly loaned funds to customers, in contravention of the written supervisory procedures of his member firm, Wells Fargo Advisors. According to FINRA’s complaint, Mr. Akre also “engaged in undisclosed outside business activities without providing prior written notice to, and obtaining prior approval from, the firm, which included the formation of limited liability companies (LLCs) by him and customers of the firm, with Akre named as manager of one of the LLCs, and vested with responsibility for general management of the company, including making payments on behalf of the company and sharing in the company’s profits and losses.” Mr. Akre was issued a 4-month suspension from the securities industry and a fine of $15,000.
In 2013, Paul Akre voluntarily resigned from Wells Fargo Advisors following allegations related to his “disclosure and level of participation in outside business activities.”
If you have lost money investing with Paul Akre, you may be entitled to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.