Former Wells Fargo Broker Named in FINRA Complaint Alleging Unsuitable Private Securities Recommendations
Dennis Mark Adam Merritt, a registered representative formerly employed with the Palm Harbor, Florida branch of Wells Fargo Advisors, LLC was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he failed to perform adequate due diligence in connection with unsuitable private securities recommendations he made to several of his customers. The complaint alleges that Dennis Merritt, of Palm Harbor, Florida, recommended that four of his customers invest in a speculative investment, namely, a company called SavvyPhone, LLC, without having conducted proper due diligence to have made such recommendations. According to FINRA’s complaint, Mr. Merritt participated in three private securities transactions in which his customers invested a total of $115,000 in SavvyPhone based upon his unsuitable recommendations.
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