Ryan Ashley Raskin of Beverly Hills California a stockbroker formerly registered with Merrill Lynch Pierce Fenner Smith Incorporated has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that he failed to comply with FINRA’s investigation focusing on his alleged unsuitable investment recommendations while he was registered with Merrill Lynch. Letter of Acceptance Waiver and Consent No. 2020066135901 (January 13, 2021).
FINRA’s investigation concerned accusations made by Merrill Lynch when it terminated Raskin’s registration as a stockbroker. On March 26, 2020, the regulator was made aware that Raskin had been discharged based on allegations that he failed to conduct his business practices according to the firm’s standards and that his investment recommendations were inappropriate.
According to the AWC, on August 31, 2020, Raskin was informed that FINRA wanted his documents and information relating to the accusations against him of unsuitable recommendations. The AWC states that Raskin acknowledged the request on September 8, 2020. Raskin told FNIRA that he would not respond to the request by the deadline. The second request that FINRA made also went unanswered even though Raskin confirmed with FINRA that he received the request. FINRA determined that Raskin’s failure to comply with the investigation showed that he violated Rules 2010 and 8210.
FINRA Public Disclosure identifies that on September 17, 2020, a customer filed an investment related complaint concerning Raskin’s activities. They sought compensatory damages supported by allegations that their account was churned between January of 2018 and January of 2020. The claim also alleges unauthorized trading of mutual funds by Raskin when he was associated with Merrill Lynch.
Raskin was registered with Merrill Lynch between May 19, 2016, and March 4, 2020.
