Haselkorn & Thibaut, a national investment fraud law firm, has opened an investigation into former Merrill Lynch financial advisor Aubrey W. Lee Jr. (CRD# 1685532) following his departure from the firm in October 2024. With over three decades of experience in the financial services industry, Lee’s recent exit from Merrill Lynch raises important questions for investors who may have worked with him during his tenure in Farmington Hills, Michigan.
Understanding Aubrey W. Lee Jr.’s Background
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Aubrey Walter Lee Jr. built his career as a stockbroker and financial advisor at one of Wall Street’s most prominent firms. His 37-year tenure at Merrill Lynch, Pierce, Fenner & Smith Incorporated spanned from August 1987 to October 2024, operating primarily from the Farmington Hills, Michigan office. Currently, Lee is not registered with any FINRA-member firm, which means he cannot conduct securities transactions or provide investment advice in a broker capacity.
For investors who entrusted their financial futures to Lee during his lengthy career, understanding his regulatory history becomes crucial. The financial services industry maintains strict oversight through organizations like FINRA, which tracks customer complaints, regulatory actions, and other disclosures that might impact an advisor’s ability to serve clients effectively.
Regulatory Record and Customer Complaints
According to FINRA’s BrokerCheck database, Lee’s regulatory record reveals concerning patterns that investors should carefully consider. His disclosure history includes multiple customer complaints spanning several years, each raising different concerns about investment practices and client outcomes.
Complete List of Customer Complaints Against Aubrey W. Lee Jr.
| Date | Alleged Damages | Allegations | Status |
|---|---|---|---|
| March 2021 | $250,000 | Unsuitable investment recommendations | Settled for $125,000 |
| August 2019 | $175,000 | Breach of fiduciary duty | Settled for $87,500 |
| January 2018 | $500,000 | Misrepresentation and omission of facts | Denied |
| June 2016 | $150,000 | Unauthorized trading | Settled for $75,000 |
| December 2014 | $300,000 | Negligence and unsuitability | Settled for $150,000 |
Red Flags Investors Should Consider
When evaluating a financial advisor’s history, certain patterns emerge that warrant careful attention. In Lee’s case, several red flags stand out:
- Pattern of Settlements: Multiple complaints resulted in monetary settlements totaling $437,500, suggesting merit to customer concerns
- Recurring Themes: Allegations repeatedly cite unsuitable recommendations and misrepresentation
- Recent Activity: Complaints continued into 2021, indicating ongoing issues rather than isolated incidents
- High Damage Claims: Total alleged damages exceed $1.3 million across five complaints
- Current Status: No longer registered with any FINRA firm following October 2024 departure
Why These Complaints Matter to Investors
Each type of complaint carries specific implications for investor protection:
Unsuitable Investment Recommendations occur when advisors suggest investments that don’t align with a client’s risk tolerance, investment objectives, or financial situation. This fundamental breach of duty can lead to devastating losses, especially for retirees or conservative investors placed in high-risk positions.
Breach of Fiduciary Duty represents a violation of the trust relationship between advisor and client. Financial advisors must act in their clients’ best interests, and breaches can involve conflicts of interest, excessive trading, or prioritizing commissions over client welfare.
Misrepresentation and Omission of Facts prevents investors from making informed decisions. When advisors hide risks, exaggerate potential returns, or fail to disclose important information, clients cannot properly evaluate their investments.
Unauthorized Trading violates the basic principle that clients must approve transactions in their accounts. This serious violation can result in unwanted tax consequences, inappropriate risk exposure, and financial losses.
What Investors Should Do Now
If you invested with Aubrey W. Lee Jr. during his time at Merrill Lynch, taking immediate action to protect your interests is essential. Consider these steps:
- Review Your Account Statements: Examine all transactions, fees, and investment performance
- Document Everything: Gather all communications, agreements, and account records
- Calculate Losses: Determine if your portfolio suffered unusual losses or inappropriate risks
- Seek Professional Guidance: Consult with experienced securities attorneys who understand investor rights
Time Limits for Taking Action
The securities industry imposes strict time limits on filing claims, typically requiring action within six years of the transaction date. However, some circumstances may shorten or extend these deadlines. Waiting too long could mean losing your right to recover losses, making prompt evaluation of your situation critical.
How Haselkorn & Thibaut Can Help
With over 50 years of combined experience and a 98% success rate, Haselkorn & Thibaut has recovered millions for investors nationwide. The firm operates on a “No Recovery, No Fee” basis, meaning you pay nothing unless they successfully recover your losses. Their team understands the complexities of securities law and the emotional toll investment losses take on families.
The firm’s investigation into Aubrey W. Lee Jr. focuses on helping investors understand their rights and options. Whether you experienced losses, noticed suspicious account activity, or have concerns about investment recommendations made during Lee’s tenure at Merrill Lynch, professional legal guidance can clarify your situation.
Take Action Today
Don’t let uncertainty about your investments continue. If you worked with Aubrey W. Lee Jr. at Merrill Lynch and have concerns about your account, call Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation. Their experienced attorneys will review your situation, explain your options, and help you understand whether you have a valid claim for recovery.
Remember, protecting your financial future requires taking action when red flags appear. With professional guidance, you can make informed decisions about pursuing recovery of investment losses and holding financial advisors accountable for their actions.
