Finra Bars Former Merrill Lynch Rep After He Refused to Cooperate With Investigation

Registered Broker and Investment Advisor Subject of Multiple Customer Disputes

According to publicly available information from the Financial Industry Regulatory Authority (FINRA), Broker Peter Vincent Ianace (CRD: 3238078) was barred after failing to produce documents or information requested during an investigation by the regulatory agency. As noted in his Letter of Acceptance, Waiver, and Consent issued by FINRA and signed by Mr. Ianace, he violated FINRA Rules 8210 and 2010. The documents and information in question were related to a FINRA investigation into “Ianace’s potential failure to disclose outside business activities.” 

Mr. Ianace was employed as a registered broker and investment adviser with Merrill Lynch, Pierce, Fenner & Smith Inc (Merrill Lynch) from October 2011 until his voluntary resignation in December 2019. Prior to his employment with Merrill Lynch, Mr. Lanace was the subject of two customer disputes. 

In 2003, a customer alleged that Mr. Ianace engaged in negligence, gross negligence, breach of industry standards, breach of contract, breach of fiduciary duty, and other claims. The matter was settled for $60,000. A pending customer dispute alleges that Mr. Ianace made “unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature of their accounts.”

Registered brokers are required to cooperate and produce requested documents in any investigation conducted by FINRA or another regulatory agency. Failure to adhere to FINRA rules can result in disciplinary action and the suspension of their license. In this case, Mr. Ianace was barred indefinitely from acting as a broker or otherwise associating with a broker-dealer firm. 

Additionally, stockbrokers, investment advisors, and other financial professionals are required to make suitable recommendations and ensure that a customer’s portfolio is not over-concentrated. If they fail to observe industry standards, their brokerage firm may be liable for any losses. 

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