Elan Sanker, a former stockbroker with Merrill Lynch Pierce Fenner Smith Incorporated, has been barred by Financial Industry Regulatory Authority (FINRA) as of October 4, 2024. This followed Sanker’s refusal to provide on-the-record testimony during a FINRA investigation. The investigation began after Merrill Lynch disclosed that Sanker had been discharged for entering into a financial arrangement with a customer, failing to disclose outside business activities, and using his own device for business purposes. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023079098201.
While not admitting or denying the findings, Sanker accepted the sanction, acknowledging that his refusal violated FINRA Rules 8210 and 2010. The bar is permanent and took effect immediately.
The investigation was linked to a customer arbitration claim filed on July 13, 2023, alleging that Sanker engaged in selling away in January 2018. The customer sought $400,000 in damages. On February 27, 2024, Merrill Lynch settled the matter by paying the customer $217,500.
Merrill Lynch terminated Sanker’s employment on May 24, 2023, citing his financial arrangement with a customer, outside activities, and unauthorized communications.
Sanker was registered with Merrill Lynch from November 19, 2018, to June 22, 2023. Prior to that, he was associated with Northwestern Mutual Investment Services LLC from March 6, 2018, to August 7, 2018.
