Patrick Neal Foley, formerly with Merrill Lynch Ontario, California branch office, has been barred by the Financial Industry Regulatory Authority (FINRA) following his failure to comply with a FINRA investigation into his acceptance of a loan from a vulnerable client.
Merrill Lynch Broker Discharged
Foley worked at Merrill Lynch for two years before being discharged in January 2018 following accusations stating that he entered into an unauthorized loan arrangement with an elderly client who held accounts at the firm.
Consequently, FINRA commenced an investigation into the matter. Allegedly, Foley made a statement that the loan in question was not made to him, but to a dental company that was owned 100% by his wife, though the investigation indicated otherwise.
Broker Non-Compliant with FINRA Requests
According to the report, Foley was scheduled to appear for a FINRA hearing on May 8, 2019, but failed to do so despite receiving notice from FINRA that he could be sanctioned for any noncompliance with the investigation.
Instead, Foley’s lawyer sent correspondence informing FINRA that Foley would not provide any testimony. FINRA found this conduct violated FINRA rules and subsequently barred Foley from the securities industry.
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