Former Merrill Lynch Broker Barred After Refusing to Testify

Bertram Johnson, formerly with Merrill Lynch, agreed to a bar from the securities industry under a Letter of Acceptance, Waiver, and Consent (AWC) with FINRA. According to FINRA, in August 2026, Johnson refused to appear for on-the-record testimony requested under FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010. The case followed Merrill Lynch's report that it terminated Johnson for conduct including alleged misappropriation of client funds. FINRA's findings concern only Johnson's refusal to testify. Johnson consented to FINRA's findings without admitting or denying them.

Johnson first registered with FINRA in September 2021 as a General Securities Representative. From September 2024 until April 1, 2026, he was registered in the same capacity with Merrill Lynch, Pierce, Fenner & Smith Incorporated. On April 1, 2026, Merrill Lynch filed a Form U5 stating that it terminated Johnson for conduct including alleged misappropriation of client funds. Johnson was not registered with any FINRA member firm at the time of the AWC.

FINRA Rule 8210 allows FINRA to require brokers and other persons under its jurisdiction to provide information, documents, and on-the-record testimony during an investigation, and it prohibits anyone from refusing to do so. A violation of Rule 8210 also violates FINRA Rule 2010, which requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Because FINRA depends on these requests to investigate potential misconduct, a complete refusal to cooperate typically results in a bar. For example, a broker would violate these rules by ignoring a FINRA letter requesting bank statements, or by telling FINRA through a lawyer that he will not appear for testimony.

According to FINRA, the case originated from its review of Merrill Lynch's Form U5. On August 21, 2026, FINRA sent Johnson a request to appear for on-the-record testimony. The same day, Johnson's counsel told FINRA by email that Johnson received the request and would not appear at any time. The AWC does not describe the client-fund allegations beyond the Form U5, and Johnson's refusal prevented FINRA from questioning him about them. Under Rule 8210, a refusal to testify is enough by itself to support a bar.

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