Dimond Kaplan & Rothstein, P.A. is investigating Roderick Yzaguirre, former Merrill Lynch broker.

Yzaguirre worked out of Merrill Lynch’s Ontario, California office. A number of his clients complained that Yzaguirre misappropriated funds, made unauthorized trades and misrepresented account transactions. Merrill Lynch recognized that Yzaguirre was abusing his clients, so they paid his investors nearly $3.4 million in order to settle the various complaints. The alleged misconduct is among the worst types of stockbroker fraud. Yzaguirre’s FINRA record reflects that his employment with Merrill Lynch has, since then, been terminated.

FINRA rules and California law require brokerage firms to have adequate supervision systems in place in an effort to prevent brokers from abusing clients. If they fail to supervise their brokers sufficiently, brokerage firms can be held liable for investor losses . The abuses that Yzaguirre’s clients complained about suggest that Merrill Lynch failed to supervise Yzaguirre properly.

Dimond Kaplan & Rothstein, P.A. represents investment fraud through out Southern California and nationwide. If Roderick Yzaguirre was your broker at Merrill Lynch, we encourage you to contact a FINRA arbitration lawyer at Dimond Kaplan & Rothstein for a free consultation at (888) 578-6255 or visit www.dkrpa.com.

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