John Andrew Bodnar, of Burlington, Vermont, a stockbroker registered with Merrill Lynch, Pierce, Fenner & Smith Inc., was terminated from employment on January 9, 2017, based upon allegations that he solicited an unauthorized loan arrangement with one of the firm’s customers.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Bodnar has been named in three additional customer initiated investment related disputes regarding allegations of his wrongdoing while employed with Painewebber Inc., UBS Financial Services, and Merrill Lynch, Pierce, Fenner & Smith Inc. Particularly, on March 8, 1999, a customer filed an investment related written complaint involving Bodnar’s conduct, based upon allegations that Bodnar failed to accurately state the fees associated with a tax free annuity exchange, and effected replacements of annuities that were not beneficial for the customer.
Subsequently, on February 16, 2011, a customer initiated investment related civil action regarding Bodnar’s activities was resolved for $73,500.00 in damages based upon allegations that he effected purchases of annuities, equities and mutual funds that were not suitable for the customer, and caused the customer to be exposed to excessive turnover rates. The customer further alleged that Bodnar effected trades on an excessive basis, and breached his fiduciary obligations to the customer.
Moreover, on October 18, 2016, a customer initiated investment related written complaint involving Bodnar’s conduct was settled for $76,923.08 in damages based upon allegations that Bodnar, between May of 2015 and June of 2016, made omissions and misrepresentations to the customer in reference to municipal debt investments that were effected in the customer’s account.
FINRA Public Disclosure records further reveal that The State of Vermont Department of Financial Regulation, Securities Division imposed a sanction against Bodnar which consisted of an undertaking, wherein restrictions, conditions and terms were placed on Bodnar’s securities registration pursuant to Vermont Uniform Securities Act. In the Matter of John Bodnar, et al., No. 17-011-S (Apr. 28, 2017). The Order revealed that Bodnar’s heightened supervision was warranted in order to protect the investor public.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
