Stephen Brown & James Goetz — Private Securities Transactions and an Outside Business Activity

California stockbroker fraud attorneyStephen S. Brown and James P. Goetz, Two Former Stars at Merrill Lynch Wealth’s Private Banking Unit, Allegedly Engaged in Private Securities Transactions and Engaged in an Outside Business Activity

Stephen Brown and James Goetz, a pair of former big producers at Merrill Lynch Wealth’s private banking unit allegedly took part in private securities transactions and an outside business activity and also purportedly inaccurately reported investments by themselves and clients, according to a Complaint from FINRA’s Department of Enforcement currently under review by attorneys Alan Rosca and James Booker.

Peiffer Rosca Wolf securities practice lawyers are investigating Stephen Brown and James Goetz’s alleged private securities transactions and an outside business activity.

Investors who believe they may have lost money in activity related to Stephen Brown and James Goetz’s alleged private securities transactions and an outside business activity are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Stephen Brown, co-head of the Rochester, NY-area team, from approximately 2009 through 2014allegedly headed up a group which invested in private companies and businesses and purportedly invited some Merrill customers to invest without total disclosure to Merrill, according to the aforementioned Complaint.

James Goetz, meanwhile, Brown’s partner in the “private banking and investment group” practice that managed a $32 billion portfolio for 92 clients, allegedly participated in some of the aforementioned investments, the Complaint states.

Stephen Brown Suspended for 9 Months and Fined $125,000 by FINRA and James Goetz Fined $25,000 and Suspended 1 Month by FINRA According to a Recent FINRA Disciplinary Hearing

James Goetz and Stephen Brown, based on the aforementioned behavior, allegedly violated NASD and FINRA Rules, according to the aforementioned Complaint from FINRA’s Department of Enforcement presently being reviewed by attorneys Alan Rosca and James Booker.

Stephen Brown, co-head of the Rochester, NY-area team, was reportedly suspended for nine months and fined $125,000 for his alleged role in investing in private companies and businesses, and Goetz was reportedly fined $25,000 and suspended for one month for participating in some of the investments, according to a FINRA disciplinary hearing decision dated August 2.

Brown and Goetz worked together at Merrill for 15 years before they were purportedly fired in September 2014 for their alleged internal disclosure lapses and investing activities, the Complaint states.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged investment fraud and are currently investigating Stephen Brown and James Goetz’s alleged private securities transactions and an outside business activity. 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 Stephen Brown and James Goetz’s alleged private securities transactions and an outside business activity may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1225 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.