$200 will sinks lawyer

FINRA has suspended a Merrill Lynch lawyer for practicing law – albeit outside the scope of his role as a General Securities Sales Supervisor.

As Forbes reports, during his employment, Sirois allegedly requested permission to practice law outside the scope of his employment. The firm denied his request, and Sirois appealed. In April 2011, before receiving the results of his appeal, Sirois drafted a will for $200 for someone who wasn’t a Merill Lynch customer.

Merrill Lynch fired him for engaging in an unauthorized outside business activity. FINRA also imposed a 30-business-day suspension from association with any FINRA member in any capacity, and a $2,500 fine.

While Forbes commentator Bill Singer says “the work performed did not constitute something clearly related to the securities industry — plus, we’re talking about a lousy $200,” he points out the case is “cut and dry. […] He did what he lacked permission to do.”

Melissa Shin

Melissa is the editorial director of Advisor.ca and leads Newcom Media Inc.’s group of financial publications. She has been with the team since 2011 and been recognized by PMAC and CFA Society Toronto for her reporting. Reach her at mshin@newcom.ca. You may also call or text 416-847-8038 to provide a confidential tip.