The dispute was settled for slightly above $24 million.
Dermond Thomas Cavanaugh (CRD: 4030821) was registered as a broker with Merrill Lynch from 2007 until 2017. Previously, Cavanaugh was registered as a broker with Morgan Stanley.
Cavanaugh has two disclosures on his BrokerCheck report.
February 2019 Customer Dispute
- Status: Settled
- Allegations: The customer alleges unsuitable investments, unauthorized trading and excessive trading from 2007 until 2017.
- Damage Amount Requested: $50,000,000.00
- Settlement Amount: $24,250,000.00
August 2009 Customer Dispute
- Status: Denied
- Allegations: The Customer alleges unsuitable investment recommendations and misrepresentation from December 2007 until February 2008.
- Settlement Amount: $148,353.00
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