IMPORTANT NOTICE TO CUSTOMERS OF BILL KING AND MERRILL LYNCH WHO SUFFERED INVESTMENT LOSSES
Investment Losses With Financial Advisor William “Bill” King at Merrill Lynch? Contact KlaymanToskes Immediately
NEW YORK, NY, USA, June 10, 2024 /EINPresswire.com/ -- National investment loss and securities attorneys KlaymanToskes1 continues investigating Merrill Lynch and financial advisor Bill King, after his aggressive and unauthorized strategy of selling put options caused two investors up to $500,000 in damages. The law firm urges all current and former customers of William “Bill” King and Merrill Lynch who suffered investment losses to contact the firm immediately at 888-997-9956.KlaymanToskes reports the law firm has filed a FINRA arbitration claim (no. 24-01231) against Merrill Lynch on the behalf of an elderly couple who are seeking to recover damages up to $500,000, in connection with an unsuitable strategy of selling uncovered (“naked”) put options implemented by their financial advisor, William (Bill) King (CRD# 1432593)2.
According to the lawsuit filed by KlaymanToskes, selling naked put options is a bullish strategy on the underlying stock which has limited upside and unlimited downside. The upside is limited to the premium from selling the put option and the unlimited downside is the risk of the stock not exceeding the strike price, and the seller being assigned the stock at the option strike price well above the current price. The customers, who are retirees and entrusted their retirement savings with King and Merrill Lynch, could not afford the risk of unlimited downside.
In orchestrating the unsuitable naked put option strategy, King, while under the supervision of Merrill Lynch, falsified documents and misrepresented the customers’ approval of the strategy. This same wrongful misconduct purportedly led to King’s resignation from Merrill Lynch’s King-Conley Group in April 2023, after he was hit with numerous customer complaints about unauthorized option trades. These complaints highlighted the same allegations raised by the customers regarding the aggressive and speculative nature of the strategy, which was inappropriate for retirees who did not seek to risk their retirement savings.
Former customers of Bill King who suffered losses at Merrill Lynch are encouraged to contact attorney Steven D. Toskes3 at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com
1 http://klaymantoskes.com/contact/
2 http://klaymantoskes.com/broker-investigation/william-king-merrill-lynch/
3 http://klaymantoskes.com/team/steven-d-toskes/
