An ex-advisor with less than 10 years of industry experience lost an arbitration case to Merrill Lynch, her former employer.
A single arbitrator ruled at the end of August that former advisor Carrie Riley owed Merrill about $480,000 for breach of a promissory note and an additional $130,000 in attorney fees and costs.
Riley represented herself in arbitration against Merrill. Records indicate she denied the charges made against her.
In July, Riley told FINRA via email that she would no longer participate in the arbitration case, records show. FINRA informed both sides that the case would continue unless they reached a settlement or postpone the hearing. Later that same month, Merrill told FINRA that no settlement was reached and that the hearings would proceed.
A hearing to present evidence was held in August in Los Angeles, but Riley did not attend, according to an arbitration award record.
Riley has less than a decade of experience in the industry, according to BrokerCheck records. She earned her Series 7 in 2006, joining Edward Jones that same year. Riley moved to Morgan Stanley in 2010.
She joined Merrill in July 2013, but parted ways with the firm less than a year later, according to BrokerCheck.
Her LinkedIn profile states that her focus is retirement planning and developing long-term financial strategies.
Riley could not be reached for comment. A spokesman for Merrill Lynch declined to comment on the case.
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