Ernest Grey Frerking (also known as Ernie Frerking) of Austin, Texas, a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated, has been barred from associating with any FINRA member in any capacity based upon allegations that Frerking failed to cooperate in a FINRA investigation. Letter of Acceptance Waiver and Consent No. 2020067267701 (Aug. 2, 2022).
According to the AWC, in April 2021, Merrill Lynch Pierce Fenner Smith Incorporated filed a Uniform Termination Notice (Form U5) indicating that Frerking was terminated as a stockbroker for failing to abide by firm standards regarding customer services. Frerking allegedly entered into a financial relationship with a customer without first obtaining firm approval or consent.
On July 11, 2022, FINRA asked for Frerking’s testimony. Frerking admitted to receiving the regulator’s request on July 14, 2022. He refused to appear at any time for on-the-record-testimony. As a result, Frerking was found to have violated FINRA Rules 2010 and 8210.
Public Disclosure shows that Frerking is also referenced in a customer initiated investment related complaint that was settled on April 8, 2021, for $200,000.00 in damages based upon allegations that Frerking misappropriated funds with regard to the recommendation and sale of investments when Frerking was associated with Merrill Lynch Pierce Fenner Smith Incorporated.
From 1999 to 2021, Frerking was associated with Merrill Lynch Pierce Fenner Smith. On April 9, 2021, Merrill Lynch discharged Frerking based upon allegations that he engaged in activities with a customer without the securities broker dealer’s permission.
