Haselkorn & Thibaut has opened an independent investigation into Mary McDougall, a financial advisor and registered representative with Merrill Lynch, Pierce, Fenner & Smith Incorporated located in Saint Paul, Minnesota. With over 43 years in the financial services industry, Ms. McDougall has recently come under scrutiny following a customer complaint in 2024. If you are a current or former client of Mary McDougall, you may have important rights and options. Our firm offers free consultations at 1-888-885-7162—there is no fee unless we recover losses for you. This overview is presented to help you make informed decisions about your financial well-being.
Who is Mary McDougall?
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Mary McDougall (CRD#: 1033553) is a well-established broker and investment advisor with Merrill Lynch, serving the Saint Paul, MN area. She began her career in 1982 and boasts an impressive tenure, staying with the same firm for more than four decades. Since 2001, she has also been registered as an investment advisor, and since 2009, she has held a client advisory role with Bank of America NA (the parent company of Merrill Lynch). Ms. McDougall is currently licensed in Minnesota, Massachusetts, and New Hampshire, and is registered with several key regulatory organizations, including FINRA, major U.S. stock exchanges, and multiple self-regulatory organizations.
Professional Background and Qualifications
| Full Name | Mary McDougall |
|---|---|
| Current Firm | Merrill Lynch, Pierce, Fenner & Smith Incorporated |
| Office Location | 30 E 7th Street, Saint Paul, MN 55101 |
| Years of Experience | 43 |
| Registration | Active – Broker & Investment Advisor |
| State Licenses | Minnesota, Massachusetts, New Hampshire |
- Supervisory and Industry Certifications: 2 Principals/Supervisory Exams, 1 General Industry/Product Exam, 2 State Securities Law Exams
- Registered With: FINRA, Nasdaq, NYSE, Cboe exchanges
- No reported professional designations as of this writing
Complaint and Disclosure Summary: What Investors Need to Know
It is essential for investors to be aware of their advisor’s disclosure history. Mary McDougall has two customer disclosures—one historical and one recent. These events can be reviewed through FINRA BrokerCheck, but our report adds additional clarity and analysis.
| Type | Status | Date Filed | Allegations | Resolution |
|---|---|---|---|---|
| Customer Dispute | Denied (Closed) | October 10, 2002 | Misrepresentation of involvement in Giant Resources Ltd. Australia in 1998 | Denied by Merrill Lynch – No compensation paid; customer informed |
| Customer Complaint | Pending | November 5, 2024 | Unsuitable investments, misrepresentation, failure to act in client’s best interest (May 2023 – Jan 2024) | Pending resolution |
Detailed Review of Complaints
- 2002 Complaint (Denied): The customer alleged misrepresentation regarding an investment in Giant Resources Ltd. The total claimed loss was $5,002.35. Upon internal review, Merrill Lynch found the customer had been properly informed, and the claim was denied in about a month. No settlement or restitution was made.
- 2024 Complaint (Pending): The most recent filing covers an eight-month period and includes allegations of unsuitable investment recommendations, misrepresentation, and failure to prioritize the client’s best interests. Notably, the complaint was filed by an attorney, which may indicate the client’s concern. As of this report’s creation, no outcomes or financial restitution have been determined, and the complaint is under review internally.
Key Strengths and Experience
- Longevity: Over four decades with a single firm suggests a high degree of trust and experience.
- Stability: No history of regulatory bars or employment changes. This reflects consistency and institutional confidence in McDougall’s practice.
- Comprehensive Registration: McDougall remains in good standing and is permitted to do business in several states and on numerous exchanges.
- Limited Disclosure Events: Only two complaints in 43 years, one of which was denied over 20 years ago and did not result in any client resolution.
Important Areas of Concern
- Active Investigation: Anytime an advisor is the subject of a pending customer complaint, it is prudent for investors to monitor the outcome closely.
- Nature of Recent Allegations: The most recent complaint is serious, citing potential breaches of suitability, possible misrepresentation, and potential failure to act as a fiduciary. Even without a final determination, these issues demand attention.
- Legal Representation: The client’s use of an attorney points to the seriousness with which they view their claimed losses and circumstances.
- Unresolved Status: As the latest complaint is still pending, investors should watch for updates and be proactive in assessing whether their investments and disclosures have met the standard of care.
Why Haselkorn & Thibaut is Involved – and How You Benefit
Haselkorn & Thibaut is a trusted national law firm that handles investor loss and securities fraud cases nationwide. Our firm has over 50 years of experience, a 98% success rate, and has recovered millions for investors. We believe investors should not face these situations alone.
If you have worked with Mary McDougall at Merrill Lynch in Saint Paul, MN, and have questions about your accounts, investment choices, or the nature of any losses, a conversation with an experienced professional is in your best interest. Consultations are free and confidential. There are no attorney’s fees unless we recover your losses.
Contact Haselkorn & Thibaut at 1-888-885-7162 for a free portfolio review and consultation. You have rights and options — and it costs you nothing to take the first step.
What Happens Next?
- We review your documents and accounts at no cost
- If we identify concerns, we explain your options in plain language
- Should you choose to proceed, you pay nothing unless we recover compensation for you
Remember: a complaint or disclosure does not automatically mean an advisor acted inappropriately. But when a pending case alleges unsuitability, misrepresentation, and breach of duty, it’s wise to pause and review your own investment history with Ms. McDougall.
Stay informed, stay protected, and know
