By: Shirley Ju @shirju
(AllHipHop News) TImbaland is about to be even richer.
Merrill Lynch, a wealth management division of Bank of America, has agreed to pay the hip-hop producer $2.25 million to settle allegations of unsuitable investment recommendations and “selling away,” the term for when a broker solicits a client to purchase securities outside of the brokerage firm.
Just last year, real name Timothy Mosley filed an arbitration claim asking for $8 million in damages from Merrill, affirming they allowed former broker Andrew LeBlanc II to sell investments outside of the firm’s supervision.
Advisor Hub reports included misappropriating funds and misrepresenting material facts.
LeBlanc was working at Merrill in Manhattan for 21 years before leaving last April to join Bruderman Brothers, a billion-dollar family-owned investment firm.
LeBlanc denied the allegations and has maintained his innocence.