When looking into a new wealth advisor, it is helpful to be aware of the problems that the potential advisor is attempting to conceal from you. You wouldn’t commit an error this way, and you’d have a far clearer picture of what you’re getting yourself into. Daryn Pingleton of Merrill Lynch is a financial advisor who does all in his power to keep important information from his clients.
The subsequent analysis will throw light on the numerous legal conflicts that he has been involved in in the past:
About Daryn Pingleton Merrill Lynch Wealth Management Advisor
Wealth management firm Pingleton Merrill Lynch is headquartered in West Palm Beach, Florida, in the United States. His office may be reached at 561-514-4817 and is situated at 222 Lakeview Avenue, Suite 1300, in the city of West Palm Beach in the state of Florida in the United States.
The office is open from 8:30 in the morning until 4:30 in the afternoon. This company asserts that it places a primary emphasis on knowing the investment personalities of its clients and assisting those individuals in properly prioritizing their monetary objectives.
Daryn Pingleton is the managing director of the Pingleton Group. Other prominent people at this firm are:
- Chris Knapp (First Vice President)
- Matthew Pingleton (Vice President)
- Luke Pingleton (Financial Advisor)
This company offers a wide variety of services, including but not limited to trust and estate planning, health savings accounts, exchange funds, home loans, insurance, concentrated stock management, securities-based lending, charity trusts, structured lending, donor-advised funds, and more. Some of these services are included below.
If you check Pingleton’s past work experience, you’ll notice that despite the fact that the company makes a lot of appealing claims about how much it cares about its customers, you get the impression that none of those claims are genuine.
In the course of his career, the managing director of this company has been involved in six different legal conflicts. According to them, Daryn Pingleton Merrill Lynch is not the option that any investor should go with as their top pick.
Legal Disputes of Daryn Pingleton Merrill Lynch You Must Know
First Dispute
The first dispute of Daryn Pingleton Merrill Lynch occurred in 2000. Here, the client alleged that he made a misrepresented stock purchase in July 1999 and made it seem to be less speculative than it was.
They requested $5,538 in damages and settled the case for $4,000. Although his firm settled the case for a significant amount, Daryn claims that they settled to avoid litigation.
Many advisors who settle a legal dispute with their client tend to shrug it off so they wouldn’t seem guilty. After all, they would look incompetent if they admitted to performing misrepresentation.
Pingleton isn’t the only advisor who uses this tactic. Another advisor who has used this method is George Papdoyannis Ameriprise. Even though he has settled cases by paying more than the requested damages, he never admitted his fault.
In 2001, Daryn Pingleton Merrill Lynch faced his second dispute. Here, the client alleged that four investments which depreciated in value were unsuitable. However, the client didn’t specify any damages.
They settled the case for $5,000.
Again, Daryn’s firm says that it denied the claims entirely but settled the matter as a business decision to a valued client.
Third Dispute
Fourth Dispute
The fourth disagreement that Daryn had taken place in 2003 and the case is still being heard today. In this case, the client argued that Daryn conducted business in a manner that was inappropriate given the client’s circumstances and level of sophistication.
They requested $500,000 in damages and so far, the court has granted them $72,492 in damages.
In his response to this dispute, Daryn simply said that the matter is still pending. Still, facing a $500,000 lawsuit for making unsuitable recommendations is no small matter.
The most recent disclosure that can be found on Daryn’s profile on FINRA BrokerCheck is a regulatory proceeding. Daryn was subject to a regulatory action that was taken in 2017 by the North Carolina Department of Insurance.
The watchdog organization asserted that Mr. Pingleton was served with a FINRA action in 2005 but did not mention the arbitration in his application for a North Carolina Producer License in 2014.
He reached a settlement with the court by paying a civil and administrative penalty totaling $250.
Conclusion
Daryn Pingleton Merrill Lynch is an advisor you can’t trust. He has faced multiple complaints for misrepresentation and unsuitable recommendations. Instead of working with such an advisor, you should look for someone else, who at least has a better professional record.
