Billy Wayne Allen— Solicitation and Acceptance of Loans from Customers

investment fraud attorney ClevelandBilly Wayne Allen Allegedly Solicited and Accepted Loans from Customers

Billy Wayne Allen, of Rogers, Arkansas, allegedly solicited and accepted loans from Merrill Lynch customers, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).

Billy Wayne Allen, who was a financial advisor and registered representative of Merrill Lynch from October 2012 to January 2015, allegedly did not have firm approval to borrow said money from customers, the AWC reports.

Allen, who worked at a Merrill Lynch branch office in Rogers, Arkansas, was also registered with Legend Equities Corp. from April 2015 to June 2015, the AWC notes.

Billy Wayne Allen Barred by FINRA for Alleged Failure to Appear for On-the-record Testimony

Billy Wayne Allen received a letter from FINRA to appear for on-the-record testimony regarding a FINRA investigation that he borrowed funds from one of his customers, the AWC notes.

Allen then allegedly contacted FlNRA staff and advised them that he would not appear for the requested testimony, the AWC reports, and Allen then subsequently failed to appear for the requested testimony.  As a result, Allen allegedly violated FINRA Rules, and, hence, has been barred by FINRA, according to the AWC.

One should also note that, according to the AWC, Billy Wayne Allen neither admitted nor denied the FINRA findings.

The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors

The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of brokers who accept loans from customers. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of borrowing funds from customers are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1141 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.