Merrill Lynch has parted ways with yet another adviser over personal expense reports, with a complex director in Ohio last month voluntarily resigning over the issue.
John R. Nicholson, a manager in the Cincinnati area and a 21-year veteran rep at Merrill Lynch, resigned in November after a firm review “determined that the registered representative made improper submissions of personal expenses for reimbursement,” according to his CRD, or central registration depository profile. The CRD is the industry's database and historical record of registered reps.
This is at least the second time this fall that Merrill has had a high-profile termination over improper expense reporting. In October,
Merrill fired Sandy Galuppo, who had been with the firm since 1995 and reportedly had $1.4 billion in client assets, due to “conduct including improper submission of personal expenses for reimbursement, resulting in management's loss of confidence,” according to Mr. Galuppo's BrokerCheck report.
Mr. Galuppo, who worked out of a Merrill office in Boston, had been ranked by industry publications as a top adviser at Merrill Lynch.
The two terminations raise the question whether Merrill is currently scrutinizing expense reporting of its more than 15,000 advisers.
According to his LinkedIn profile, Mr. Nicholson's title at Merrill was vice president, Ohio Valley market executive. He worked at Merrill Lynch from 1995 through last month,
according to his BrokerCheck report.
The Merrill Lynch branch office in Cincinnati has 38 advisers,
according to its website.
A Merrill Lynch spokesman, Bill Halldin, said the firm had no comment on the matter. Mr. Nicholson could not be reached for comment.
