Patrick Dwyer, a former stockbroker with Merrill Lynch, Pierce, Fenner & Smith, has been implicated in several disputes and allegations concerning his investment recommendations. These issues have led to significant financial losses for clients and have raised concerns about his professional conduct.

Allegations of Unsuitable Investment Recommendations

$5.3 Million Loss Claim: In September 2021, a client filed a FINRA case (#21-002251) against Dwyer, alleging that his unsuitable investment advice and misrepresentations in options trading led to a substantial loss of $5.3 million. This case remains pending.

Additional Pending Case: In December 2021, another client initiated a FINRA case (#21-03057), claiming that Dwyer’s inappropriate investment suggestions and misrepresentations in options trading resulted in a $600,000 loss. This case is also pending.

Settled Customer Disputes

March 2020 Settlement: A client alleged that Dwyer provided unsuitable investment recommendations and misrepresented information, leading to financial losses. The dispute was settled for $20,800.

December 2019 Settlement: Another client accused Dwyer of similar misconduct, resulting in a settlement of $145,000.

Employment Termination Due to Policy Violations

Resignation from Merrill Lynch: In August 2019, Dwyer resigned from Merrill Lynch amid allegations of engaging in activities inconsistent with firm standards and policies, including issues related to governmental lobbying activities.

Multiple Customer Complaints Over the Years

Historical Complaints: Dwyer’s record includes numerous customer disputes alleging unsuitable investment recommendations and misrepresentations. Some of these disputes have been settled, while others were denied or remain pending.

Regulatory Scrutiny and Legal Challenges

FINRA Oversight: The Financial Industry Regulatory Authority (FINRA) mandates that brokers report customer complaints, disputes, and regulatory sanctions. Dwyer’s history of multiple disputes and a termination has subjected him to increased regulatory scrutiny.

These incidents highlight significant concerns regarding Patrick Dwyer’s investment practices and adherence to regulatory standards. Clients and investors are advised to exercise caution and conduct thorough due diligence when considering investment advice from financial advisors with such histories.