Carlos Guzman: Did Merrill Lynch Advisor Misappropriate Funds?

A recent investor complaint against Tucson, Arizona financial advisor Carlos Guzman (CRD# 6323925) alleges that he misappropriated a customer’s funds. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Merrill Lynch.

Mr. Guzman’s BrokerCheck report discloses one investor complaint. Filed in April 2024, it alleges that as a representative of Merrill Lynch, he misappropriated funds from June 2023 until August 2023. The pending complaint alleges unspecified damages.

The misappropriation of a client’s funds by their broker may violate FINRA Rule 2150, under which FINRA-associated person may not “make improper use of a customer’s securities or funds.” It may also run afoul of FINRA Rule 2010, which stipulates that brokers like Mr. Guzman are required to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business. Brokers who violate these rules may be found liable for damages in the event of losses and/or subject to disciplinary action by FINRA, the Securities and Exchange Commission, or other regulatory authorities.

According to the Financial Industry Regulatory Authority, Carlos Guzman holds nine years of securities industry experience. Based in Tucson, Arizona, he has been registered as a broker and an investment advisor with Merrill Lynch since 2015. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, California, and Texas. (Information current as of June 1, 2024.)

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