Former Wunderlich Securities Broker Merid Amde Charged with Violation of FINRA Rules

shutterstock_53865739Merid Amde (CRD# 1897365), formerly a broker with Wunderlich Securities, Inc. and currently a broker with L.M. Kohn & Company stockbroker, was recently named in a FINRA enforcement proceeding.

According to FINRA, alleged that in contravention of Wunderlich Securities procedures, Amde failed to disclose that a firm customer had named him as a successor trustee to her trust and had Amde named and his wife as the sole beneficiaries of the trust. The complaint alleges that Amde failed to provide Wunderlich with prior written notice of Amde’s expectation of compensation as a successor trustee in the customer’s trust. The complaint further alleges that Amde mismarked order tickets for a customer’s accounts as unsolicited when they were actually solicited. According to the complaint Amde mismarked the orders to avoid supervision of the trades and caused Wunderlich’s books and records to be inaccurate as to those trades.

FINRA’s complaint further alleges that Amde executed discretionary transactions in a customer’s account without first obtaining prior written authorization from the customer and without the account accepted by Wunderlich as discretionary. Finally, the complaint alleges that Amde provided a customer with consolidated reports that falsely stated the value of her investments and exaggerated the return on investment. Amde, denies the allegations.

Amde is currently working at a broker-dealer called L.M. Kohn & Company and has been employed at L.M. Kohn since September 2013. Amde was at Wunderlich Securities from September 2008 through August 2013 and before that was employed by Ferris Baker Watts from April 2005 through August 2008. Amde became a registered broker in 1989.

In addition to FINRA’ complaint, Amde has had three customer complaints lodged against him and has been terminated from two firms. The first complaint occurred in 2005, while Amde was employed with Raymond James. The complaint alleged that Amde made misrepresentations associated with the purchase of Broadcom options contracts.

The second complaint occurred in 2005 and alleged churning while Amde was also at Raymond James. The most recent complaint occurred in 2011 and alleged excessive trading and an unsuitable investment strategy. All three complaints have since been resolved.

On August 9, 2013, Amde was permitted to resign from Wunderlich Securities as a result of another customer complaint lodged against him. On April 7, 2005, Amde was discharged from Raymond James as a result of another verbal complaint about unauthorized trading in the customer’s account.

If you had an account with Merid Amde or Wunderlich Securities, contact Gana LLP for a free consultation. Gana LLP will analyze your case and determine whether you may have a viable claim. Our consultation will be free of charge. If the firm takes your case, it will do so on a contingency basis, therefore you pay no fees unless they win. Call now: 212-776-4251.