Last Updated: February 2025 (San Diego, CA)
National securities fraud lawyers at Patil Law, P.C are investigating current Merrill Lynch broker Ian Biggs (CRD #7002430) regarding allegations of misrepresentation and failure to act in clients’ best interests involving managed account services. The investigation stems from a recently settled customer complaint alleging serious misconduct in October 2024.
Critical Information About San Diego Financial Advisor Ian Biggs:
- Advisor Name: Ian Biggs
- CRD: 7002430
- Current Employer: Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: 655 W Broadway, San Diego, CA 92101
- Can Ian Biggs be sued in FINRA arbitration: Yes
- Customer Disputes: One settled complaint
- Current Registrations: Licensed in 8 states
- Years of Experience: Since 2018
- Previous Employer: J.P. Morgan Securities LLC (2018-2019)
- Professional Qualifications: Series 6, 7, 63, and 66 licenses
Details Of Recent Settlement
A customer complaint filed in November 2024 alleged:
- Misrepresentation in managed account services
- Failure to act in client’s best interest
- Misconduct occurring in October 2024
- Settlement amount: $2,878.57
- Case settled in December 2024
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Account management practices
- Investment suitability
- Disclosure obligations
- Fiduciary duty compliance
- Client communication standards
- Risk management procedures
- Account supervision
Regulatory Framework And Investor Protection
SEC Regulation Best Interest (Reg BI) requires:
- Full and fair disclosure of material facts
- Acting in clients’ best interests
- Reasonable basis for recommendations
- Due diligence on investment strategies
- Clear communication with clients
- Proper documentation of decisions
FINRA Rules And Their Significance
FINRA Rule 2010 mandates:
- High standards of commercial honor
- Just and equitable principles of trade
- Truthful communications
- Ethical business practices
Professional Background
Mr. Biggs’ career includes:
- Entry into securities industry in 2018
- Initial registration with J.P. Morgan Securities
- Current position at Merrill Lynch since 2020
- Multiple state licenses and registrations
- Investment adviser representative status
Red Flags For Investors
- Recent misconduct allegations
- Multiple registration changes
- Short industry tenure
- Managed account issues
- Communication concerns
- Settlement history
- Fiduciary duty questions
Implications For Current And Former Clients
Current and former clients should:
- Review all account statements
- Examine portfolio performance
- Verify investment objectives
- Check risk tolerance alignment
- Document all communications
- Review fee structures
- Assess account changes
- Consider independent review
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about misrepresentation or unsuitable investments in your account handled by Mr. Biggs please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
