Jeffrey Timothy Kluge, of Saint Paul, Minnesota, a stockbroker currently registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to provide FINRA staff with information concerning his activities. Letter No. 2016052377201 (Apr. 10, 2017).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Kluge has been identified in six customer initiated investment related disputes containing allegations of his misconduct while employed with Merrill Lynch. Specifically, on April 13, 2009, a customer initiated investment related complaint involving Kluge’s conduct was settled for $2,125,000.00 in damages based upon allegations that Kluge was responsible for the losses sustained by the customer pertaining to auction rate securities and closed end funds transactions effected in the customer’s account.
Further, on November 14, 2016, Kluge became subject of a customer initiated investment related civil action in Minnesota District Court, in which customers have alleged that Kluge breached his contractual duties, and committed fraud. Additionally, two Preliminary Attachment Orders have been issued by the Minnesota District Court containing allegations that property was disposed of by Kluge in a fraudulent manner.
Subsequently, on December 19, 2016, five customer initiated investment related complaints regarding Kluge’s activities were resolved for a total of $200,022.40 in damages based upon allegations that in 2016, Kluge effected unauthorized equity trades in the customers’ accounts.
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