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FINRA Bans Former Merrill Lynch Investment Adviser

Levin Law | 4.29.2019

Former Registered Broker and Investment Adviser B Dembla, a/k/a Ben Dembla and Bhenoy Dembla, has been barred by the Financial Industry Regulatory Authority (FINRA). According to the regulatory body’s website BrokerCheck, Dembla (CRD#: 4357042) was banned indefinitely on February 5, 2019. Dembla is no longer allowed to act as a broker or otherwise associate with a securities broker-dealer after falsifying documents, attempting to circumvent restrictions placed by Merrill Lynch and causing the firm to maintain inaccurate records.

According to a Letter of Acceptance, Waiver, and Consent signed by Dembla, while employed with Merrill Lynch as a general securities representative he “entered and later canceled 41 fictitious mutual fund sell orders to circumvent restrictions placed by his firm and mutual fund providers on the amount of Class B shares an investor can own.” In addition, it is alleged that he knowingly made false entries into Merrill Lynch’s electronic order system.

B Dembla was employed by Merrill Lynch from March 26, 2011, until September 15, 2016. On January 13, 2016, a customer dispute against Dembla was reported to FINRA. Merrill Lynch entered into a $200,000 settlement for allegedly making unsuitable investment recommendations for over two years. Three subsequent customer disputes were filed in 2017, and they were settled for a combined total of $367,000.

If you have been victimized by Dembla or another financial advisor who may have engaged in fraud, excessive trading, or unsuitable investment recommendations, you may be able to recover your losses through a FINRA arbitration. At Levin Law, we may be able to help you recover such losses through a FINRA arbitration, where we would represent you on a contingency-fee basis. Call our offices today at (305) 402-9050 for a free consultation if you have been the victim of securities or investment fraud.

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