Broker Investigation: Terrance Hood

Terrance S. Hood (CRD#: 4900966) is a previously registered broker and investment advisor. From 2009 to 2017, Mr. Hood was employed at Merrill Lynch in San Antonio, Texas. Prior to that, this broker was also associated with Banc of America Investment Services.

In September of 2017, Mr. Hood was discharged by Merrill Lynch after allegations that he submitted inaccurate personal childcare reimbursement requests to the brokerage firm. FINRA launched its own investigation into these allegations. On November 2nd, 2018, FINRA barred ex-Merrill Lynch broker Terrance Hood from the securities industry.

Barred Broker: Former Merrill Lynch Representative Terrance Hood

Through an internal corporate policy, Merrill Lynch representatives were eligible to get reimbursement for certain childcare expenses. Between 2015 and 2016, FINRA contends that Mr. Hood submitted 24 false childcare reimbursement requests to his employer — with a total value nearing $5,000.

When Merrill Lynch discovered that these requests were illegitimate, Terrance Hood was terminated from the brokerage firm. FINRA’s findings support Merrill Lynch’s position. Under FINRA Rule 2010, registered representatives have a duty to uphold high standards of commercial honor at all times. FINRA determined that Mr. Hood’s misconduct fell short of professional standards — as a result he has been barred from the industry.

Get Help From Our Investment Fraud Lawyers

At Sonn Law Group, we fight for the rights and interests of investors. If you lost money because of your financial advisor’s misconduct, you may be eligible to recover financial compensation. For a free review of your case, please contact our law firm today.

Disclaimer: This article contains opinions and NOT statements of fact in any way whatsoever. The information here is general information that should not be taken as legal advice. NO attorney-client relationship is established between you and our attorneys by reading this article. This article is attorney advertising and should not be used as a substitute for legal advice from a qualified securities lawyer.

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