Richard Bruce Sladek of Coeur D’Alene Idaho a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been discharged by the firm on August 16, 2017 founded on accusations that Sladek violated Merrill Lynch’s policies by failing to inform the firm about his outside business activities and having participated in an unauthorized financial transaction with a customer of the firm.
Prior to his termination, Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Sladek is referenced in eight customer initiated investment related disputes pertaining to allegations of his violative conduct during the time that he was associated with Merrill Lynch. Specifically, a customer initiated investment related arbitration claim regarding Sladek’s activities was resolved for $60,000.00 in damages supported by accusations that unbeknownst to the customer at the time, Sladek executed inappropriate over-the-counter equities on margin. National Association of Securities Dealers (NASD) Arbitration No. 02-02055 (Aug. 1, 2003).
Then, a customer initiated investment related civil action involving Sladek’s conduct which had been filed in the Superior Court of the State of California was settled for $37,500.00 in damages based upon allegations that Sladek failed to conduct adequate due diligence before effecting speculative mutual fund and real estate purchases in the customer’s account, and mismanaged the customer’s trust account holdings. Civil Action No. C01035425 (Dec. 24, 2001).
Thereafter, Sladek was subject of a customer initiated investment related arbitration claim where the customer was awarded $705,494.00 in damages based on Sladek having been found liable on the customer’s claims of violations of New York Stock Exchange (NYSE) Rules, NASD Rules, and federal and state securities laws; deceptive practices; unsuitable trading; elder abuse; breach of fiduciary duty; violation of California Civil Code § 1573; and securities fraud in reference to the customer’s stock purchases of ITXC, NOVN, SWC, ELY, FMKT, INVN, ICGE, SFE, CPN, TGX, SIRI, CPST, BLDP and QCOM.
On May 16, 2005, another customer filed an investment related complaint concerning Sladek’s conduct in which the customer sought $125,000.00 in damages supported by allegations that Sladek made investment recommendations to the customer that were not suitable. Further, a customer initiated investment related arbitration claim concerning Sladek’s conduct was resolved for $80,000.00 in damages founded on accusations that misrepresentations and omissions had been made by Sladek concerning the customer’s equities at the time that they were purchased, and the customer’s objectives and tolerance for risk had been disregarded by Sladek when making investment recommendations. NASD Arbitration No. 04-07557 (Oct 27, 2005).
Subsequently, a customer initiated investment related arbitration claim involving Sladek’s activities was settled for $45,000.00 in damages based upon accusations of omissions, misrepresentation and unsuitable investment recommendations in connection with the exchange traded fund and over-the-counter equities transactions effected in the customer’s account between 2008 and 2016. NASD Arbitration No. 16-00570 (Nov. 3, 2016). Another customer filed an investment related civil action in the Superior Court of the State of California that involved Sladek’s activities where the customer requested unspecified damages founded on allegations that between April of 2006 and March of 2017: the customer was sold securities outside the firm’s auspices; misrepresentations and omissions had been made to the customer concerning real estate investments; and the customer’s assets had been misappropriated.
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