Florida Broker Fined and Suspended for FINRA Violation

John Rollin Revelle (CRD #5619752) is a previously registered securities broker. Most recently, Mr. Revelle was associated with Merrill Lynch in Daytona Beach Florida (November of 2019 to September of 2022). Recently, the Financial Industry Regulatory Authority (FINRA) fined and suspended Mr. Revelle for violations of securities regulations. Here, our Miami FINRA arbitration attorney for investors provides a more detailed discussion of the allegations and the sanctions.

Broker Sanctions: John Rollin Revelle Formerly of Merrill Lynch 

John Rollin Revelle was separated from his member firm—Merrill Lynch at a branch office in Daytona Beach—after allegations of misconduct arose in 2022. In August of 2024, FINRA announced sanctions against this broker. Specifically, FINRA determined that Mr. Revelle acted without member firm (Merrill Lynch) approval when he drafted, signed, and sent asset verification letters for clients. Notably, these letters included false information—including the overstating of a person’s assets and the false claim that the person was a client of Merrill Lynch with a valid account. Beyond that, Mr. Revelle reportedly failed to disclose that he was being paid for an outside business activity (OBA) related to a cryptocurrency start-up venture.

FINRA Fined and Suspended the Broker 

Without admitting or denying any of the specific allegations raised in this case, former Merill Lynch broker John Revelle consented to the proposed penalties. More specifically, Mr. Revelle agreed to a deferred fine of $7,500 and a ten-month suspension from the securities industry. That suspension will last until June of 2025.

 A Violation of FINRA Rules 

As part of the enforcement action taken in this case, FINRA cited former Merill Lynch representative John Revelle for violating specific securities industry rules:

• FINRA Rule 2010: FINRA Rule 2010 is effectively the “catch-all” regulation to ensure that brokers act in a professionally responsible manner. The rule demands that all actions by brokerage firm members maintain high standards of commercial honor and just and equitable principles of trade. In other words, it requires ethical conduct from brokers. Mr. Revelle was cited for violating Rule 2010 because he misrepresented and overstated assets.
• FINRA Rule 3270: FINRA Rule 3270 regulates the outside business activities or “OBAs” of brokers and other associated persons. The regulation requires brokers to notify and obtain approval from their firms before engaging in any outside business activities. It ensures that the firms are aware of potential conflicts of interest and can manage risks appropriately. Mr. Revelle broke this rule by working for a crypto exchange—earning income for doing so—without his firm’s knowledge. It created a conflict of interest that was not disclosed.

When brokers violate FINRA rules, it puts investors at risk. It can lead to situations in which investors sustain serious financial losses. Brokers and brokerage firms must be held responsible.

 Contact Our Miami, FL FINRA Arbitration Lawyer Today

At ​Carlson & Associates, P.A., our Florida FINRA arbitration attorney is proud to provide experienced legal advocacy to investors. If you suffered major losses because your broker or your broker dealer violated FINRA rules, we are here to help. Give us a phone call today to request a fully confidential, no commitment initial consultation.

Source:

brokercheck.finra.org/individual/summary/5619752