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Philip Farmer Was Recently Named in a FINRA Investigation

Philip Farmer

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on March 11, 2018 indicate that Delaware-based Merrill Lynch broker/adviser Philip Farmer, who has received a customer dispute, has been named in a pending FINRA investigation into alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Farmer (CRD# 2306865).

Philip Farmer has spent 25 years in the securities industry and has been registered with Merrill Lynch in Wilmington, Delaware since December 2015. Previous registrations include UBS Financial Services in Greenville, Delaware (2009-2016); Morgan Stanley & Company in Wilmington, Delaware (2007-2009); Morgan Stanley DW in Wilmington, Delaware (2000-2007); Merrill Lynch in New York, New York (1995-2000); Prudential Securities in New York, New York (1993-1995); and Lehman Brothers in New York, New York (1992-1993). He has passed three securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on August 3, 1993; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 4, 1993; and Series 7 (General Securities Representative Examination), which he obtained on December 16, 1992. He is a registered broker and investment adviser with fifteen US states and territories: Alabama, Delaware, Florida, Kentucky, Maryland, Massachusetts, Michigan, Mississippi, New Jersey, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, and Virginia.

According to his BrokerCheck report, he has received one customer complaint and three denied customer complaints, was recently named in a FINRA investigation, and resigned from a former member firm in connection to alleged rule violations.

In October 2017 he received notification that he was the subject of a FINRA investigation into “potential violations of FINRA Rules,” including Rules 2111, 2010 and 4511. The investigation remains pending. For reference, FINRA Rule 2010 states that “A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.” FINRA Rule 4511(a) states that “Members shall make and preserve books and records as required under the FINRA rules, the Exchange Act and the applicable Exchange Act rules.”

In 2015 he submitted his “voluntarily resignation” from UBS Financial Services while he was the subject of an internal review in connection to his “trading practices.”

In 2015 a customer alleged Philip Farmer, while employed at UBS Financial Services, acted inappropriately in his management of the client’s accounts. The customer sought unspecified damages in the complaint, which was denied.

In 2008 a customer alleged Philip Farmer, while employed at Morgan Stanley & Company, made unsuitable investment recommendations. The complaint settled for $150,000.

If you or someone you know has a complaint regarding Philip Farmer, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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