Merrill Lifer Fired After Undisclosed Outside Business Allegations, Related Client Suit

July 9, 2021

Merrill Lynch fired a 26-year lifer in Miami, Florida, following allegations that the advisor participated “in a financial arrangement with a client and failed to disclose outside business activity,” according to a termination U5 form that the wirehouse filed with regulators this week.

The advisor, Jorge A. Sonville, had previously been singled out but not named as a defendant in a pending lawsuit filed by a former octogenarian client against Merrill.

That lawsuit, filed in 2020 by Eduardo Tarajano, Sr., alleges that Merrill failed to supervise Sonville, who persuaded them starting in 2015 to invest almost $5 million, much of it from a trust set for their retirement, in…

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