Discharged Merrill Lynch Advisor Barred Over Allegedly Fake Childcare Expenses
Self-regulator Finra has barred a former Merrill Lynch financial advisor who allegedly falsified receipts for childcare reimbursement, according to a letter of acceptance, waiver and consent published by the industry organization.
Terrance Hood, who’d been registered with Finra since 2005, joined Merrill Lynch in 2009, the regulator says. In April 2017, the wirehouse discharged Hood over allegations he had submitted “inaccurate” reimbursement request forms for personal child care, according to his BrokerCheck profile.
The former broker allegedly submitted 24 falsified receipts from January 2015 to December 2016 and eventually converted $4,910 in total from Merrill Lynch, which offered eligible employees childcare reimbursement benefits, according to the letter of consent.
The receipts allegedly included falsified signatures and payment invoices from a childcare provider who didn’t provide any childcare for Hood’s children during the period in question, Finra says.
Hood consented to the regulator’s bar without admitting or denying its findings, according to the letter of consent.
He had begun his career in the financial services industry in 2005 at Citigroup and joined Bank of America Investment Services in 2006 before moving to Merrill Lynch in 2009, according to BrokerCheck.
He has not registered with another firm since his discharge in 2017, Finra says.
Aside from the bar and the termination, Hood has one other disclosure event — a 1998 criminal charge of theft of $1,500 to $20,000 that was dismissed, according to BrokerCheck.