Advisor Alert: Our Attorneys Are Investigating Mark A. Willets For Unauthorized Options Trading

Last Updated: February 2025 (Scottsdale, AZ)

National securities fraud lawyers at Patil Law P.C. are investigating current Merrill Lynch financial advisor Mark A. Willets (CRD #2151477) regarding allegations of unauthorized trading in client options accounts. The investigation stems from a recently settled customer complaint involving significant unauthorized trading activity in December 2024.

Critical Insights About Scottsdale Financial Advisor Mark A. Willets

• Advisor Name: Mark A. Willets
• CRD: 2151477
• Location: Scottsdale, AZ
• Current Employer: Merrill Lynch, Pierce, Fenner & Smith Incorporated
• Classification: Registered Representative & Investment Adviser Representative
• Primary Location: 14636 N Scottsdale Rd, Scottsdale, AZ 85254
• Can Mark Willets be sued in FINRA arbitration: Yes
• Customer Disputes: One settled complaint
• Current Registrations: Licensed in 26 states
• Years of Experience: Since 1992
• Previous Employers: Banc of America Investment Services, Wells Fargo Investments, Prudential Securities
• Professional Qualifications: Series 7, 63, 65, 66 licenses
• Current Status: Active with Merrill Lynch

Details Of Recent Settlement

A customer complaint filed in December 2024 alleged:

• Unauthorized trading in options accounts
• Trading occurred between December 11-13, 2024
• Settlement amount: $76,080.08
• Broker statement indicates settlement was due to “trade corrections”

Analysis Of Alleged Misconduct

The allegations raise serious concerns about:

• Client authorization procedures
• Options trading supervision
• Account handling practices
• Trading authority limits
• Communication with clients
• Documentation of trade instructions
• Compliance with firm policies

Regulatory Framework And Investor Protection

SEC Regulation Best Interest (Reg BI) requires:

• Express client authorization for trades
• Clear documentation of trading authority
• Protection of client interests
• Adherence to client investment objectives
• Proper supervision of options trading
• Accurate recordkeeping

FINRA Rules And Their Significance

FINRA Rule 2010 mandates:

• High standards of commercial honor
• Ethical business practices
• Proper trading authorization
• Accurate documentation
• Client communication standards

Professional Background

Mr. Willets’s career includes:

• Entry into securities industry in 1992
• Multiple firm transitions
• Current position at Merrill Lynch since 2009
• Extensive options trading experience
• Investment adviser registration
• Multiple state licenses

Red Flags For Investors

1. Recent unauthorized trading settlement
2. Significant settlement amount
3. Options trading concerns
4. Trade correction issues
5. Authorization questions
6. Documentation concerns
7. Client communication matters

Implications For Current And Former Clients

Current and former clients should:

• Review all account documentation
• Verify trading authorizations
• Examine options trading activity
• Check account statements
• Monitor trade confirmations
• Document all communications
• Verify investment objectives
• Consider independent review

Patil Law P.C. Will Help You Recover Your Investment Losses

If you have concerns about unauthorized trading or suspicious options transactions in your account handled by Mr. Willets, 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.

Chetan Patil

Chetan Patil is the founder and Managing Partner of the Patil Law. He brings over 15 years of extensive experience in diverse complex disputes and transactions, across the country. Mr. Patil specializes in litigations, trials, arbitrations, and appeals of complex securities, FINRA, financial and business disputes, with an emphasis in securities, financial services, and financial regulatory law.