Important Notice to Rajesh Markan Clients
KlaymanToskes, a national securities law firm, has issued a notice regarding former Merrill Lynch financial advisor Rajesh Markan, who was permanently barred by FINRA in October 2024. The firm has filed multiple FINRA arbitration claims against Merrill Lynch, including a $400,000 claim for misappropriation of funds. Markan allegedly diverted customer funds, fabricated investment performance reports, and falsely claimed to invest in Bain Capital private equity funds. He worked at Merrill Lynch until October 2022 and later at Hilltop Securities until August 2024. KlaymanToskes is investigating losses and urges affected investors to contact them.
KlaymanToskes, uno studio legale nazionale specializzato in diritto delle securities, ha emesso un avviso riguardante l'ex consulente finanziario di Merrill Lynch, Rajesh Markan, che è stato permanentemente escluso da FINRA nell'ottobre 2024. Lo studio ha presentato diverse richieste di arbitrato FINRA contro Merrill Lynch, inclusa una richiesta di $400.000 per appropriazione indebita di fondi. Markan avrebbe deviato fondi dei clienti, falsificato rapporti sulle prestazioni degli investimenti e affermato falsamente di investire in fondi di private equity di Bain Capital. Ha lavorato presso Merrill Lynch fino a ottobre 2022 e successivamente presso Hilltop Securities fino ad agosto 2024. KlaymanToskes sta indagando sulle perdite e invita gli investitori colpiti a contattarli.
KlaymanToskes, un bufete de abogados nacional especializado en derecho de valores, ha emitido un aviso con respecto al ex asesor financiero de Merrill Lynch, Rajesh Markan, quien fue permanentemente expulsado por FINRA en octubre de 2024. La firma ha presentado múltiples reclamaciones de arbitraje ante FINRA contra Merrill Lynch, incluyendo una reclamación de $400,000 por apropiación indebida de fondos. Se alega que Markan desvió fondos de clientes, falsificó informes de rendimiento de inversiones y afirmó falsamente estar invirtiendo en fondos de capital privado de Bain Capital. Trabajó en Merrill Lynch hasta octubre de 2022 y luego en Hilltop Securities hasta agosto de 2024. KlaymanToskes está investigando las pérdidas y urge a los inversores afectados a que se pongan en contacto con ellos.
KlaymanToskes는 국가 증권 법률 회사로, Merrill Lynch의 전 금융 자문가 Rajesh Markan에 대한 통지를 발표했습니다. 그는 2024년 10월에 FINRA에 의해 영구적으로 금지되었습니다. 이 회사는 Merrill Lynch에 대해 $400,000의 자금 유용에 대한 여러 FINRA 중재 청구를 제기했습니다. Markan은 고객 자금을 전용하고, 투자 성과 보고서를 조작하며, Bain Capital의 사모펀드에 투자했다고 허위 주장한 것으로 알려져 있습니다. 그는 2022년 10월까지 Merrill Lynch에서 근무했으며, 이후 2024년 8월까지 Hilltop Securities에서 근무했습니다. KlaymanToskes는 손실을 조사하고 있으며, 영향을 받은 투자자들에게 연락할 것을 촉구하고 있습니다.
KlaymanToskes, un cabinet d'avocats national spécialisé en droit des valeurs mobilières, a publié un avis concernant l'ancien conseiller financier de Merrill Lynch, Rajesh Markan, qui a été définitivement interdit par la FINRA en octobre 2024. Le cabinet a déposé plusieurs demandes d'arbitrage FINRA contre Merrill Lynch, y compris une demande de 400 000 $ pour appropriation indue de fonds. Markan aurait détourné des fonds de clients, falsifié des rapports de performance d'investissement et prétendu faussement avoir investi dans des fonds de capital-investissement de Bain Capital. Il a travaillé chez Merrill Lynch jusqu'en octobre 2022 et plus tard chez Hilltop Securities jusqu'en août 2024. KlaymanToskes enquête sur les pertes et exhorte les investisseurs concernés à les contacter.
KlaymanToskes, eine nationale Anwaltskanzlei für Wertpapierrecht, hat eine Mitteilung über den ehemaligen Finanzberater von Merrill Lynch, Rajesh Markan, herausgegeben, der im Oktober 2024 von FINRA dauerhaft ausgeschlossen wurde. Die Kanzlei hat mehrere FINRA-Schlichtungsanträge gegen Merrill Lynch eingereicht, einschließlich eines Antrags über 400.000 $ wegen Unterschlagung von Geldern. Markan soll angeblich Kundengeld abgezweigt, Investitionsberichtsleistungen gefälscht und fälschlicherweise behauptet haben, in Private-Equity-Fonds von Bain Capital investiert zu haben. Er arbeitete bis Oktober 2022 bei Merrill Lynch und später bis August 2024 bei Hilltop Securities. KlaymanToskes untersucht die Verluste und fordert betroffene Investoren auf, sich mit ihnen in Verbindung zu setzen.
- None.
- Merrill Lynch faces $400,000 FINRA arbitration claim for client fund misappropriation
- Former BAC advisor allegedly fabricated investment reports and misused client funds
- Multiple customer complaints filed against Merrill Lynch for inadequate supervision
- Potential reputational damage and legal liability for Bank of America's wealth management division
Insights
This case represents a significant legal and reputational risk for Bank of America's Merrill Lynch division. The multiple FINRA arbitration claims, including a
The permanent FINRA bar of Markan in October 2024 strengthens plaintiffs' cases against Merrill Lynch for inadequate supervision. The firm's failure to detect and prevent fraudulent activities between 2009 and 2022 suggests serious deficiencies in compliance systems. KlaymanToskes' track record of recovering over
While the immediate financial exposure from known claims appears manageable relative to BAC's size, the reputational damage and potential for additional claims pose broader risks. The case highlights concerning gaps in Merrill Lynch's wealth management oversight, particularly regarding private investment products. This could trigger increased regulatory scrutiny and compliance costs across BAC's wealth management operations, which contributed
The timing is particularly problematic as BAC works to grow its wealth management business. Client trust issues could impact advisor recruitment and retention, while potentially accelerating outflows to competitors. Investors should watch for signs of broader systemic issues in BAC's wealth management compliance infrastructure.
If You Were Defrauded By Barred Financial Advisor Rajesh Markan, Contact the Law Firm of KlaymanToskes
LOS ANGELES, CA / ACCESSWIRE / October 29, 2024 / National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of financial advisor Rajesh Markan, formerly of Merrill Lynch, a division of Bank of America (NYSE:BAC). The law firm is representing numerous customers of Markan and has filed multiple customer complaints with the Financial Industry Regulatory Authority ("FINRA") alleging that Markan misappropriated their monies. The law firm urges all customers of Rajesh Markan to contact the firm immediately at 888-997-9956 if they believe they invested in Bain Capital private equity funds, but have since learned they were not invested in any Bain Capital investments.
KlaymanToskes reports the law firm has filed numerous FINRA arbitration claims, including Claim no. 24-02147, against Merrill Lynch, whereby the investor was defrauded by his financial advisor Rajesh Markan (CRD# 4553309). The investor is seeking to recover damages of approximately
According to the lawsuit filed by KlaymanToskes, Markan not only diverted the customer's funds without the client's consent, leading to significant financial losses, but also fabricated investment performance reports and used the client's funds for personal gain. The claim further alleges that Merrill Lynch failed to adequately supervise Markan, thereby neglecting their duty to protect the investor's assets and best interests, which contributed to the misappropriation and fraudulent scheme.
The law firm's investigation has led the firm to believe that Markan's misconduct has resulted in significant financial losses for numerous investors, many of whom were misled into believing their investments had appreciated in value, when their funds had never even been invested. It is KlaymanToskes' opinion that Merrill Lynch may have failed to properly supervise Markan and failed to perform the adequate due diligence necessary to protect their clients from such fraudulent activity.
Rajesh Markan was registered with Merrill Lynch in Flower Mound, TX from May 2009 until October 2022, when he resigned after allegedly failing to disclose a client loan. Markan then worked at Hilltop Securities in Dallas, TX until August 2024. Markan is facing multiple customer complaints related to allegations of misappropriation and fraudulent activities involving private equity investments and hedge funds. Markan was permanently barred from acting as a broker by FINRA in October 2024 for not cooperating with the regulator's investigation into his misconduct.
Customers of Rajesh Markan who suffered investment losses at Merrill Lynch and/or Hilltop Securities are encouraged to contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over
Contact
KlaymanToskes, P.A.
Steven D. Toskes, Esq.
888-997-9956
investigations@klaymantoskes.com
www.klaymantoskes.com
SOURCE: KlaymanToskes, P.A.
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FAQ
What happened to Rajesh Markan at Merrill Lynch (BAC)?
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