Investors who once relied on Greg Whelan (CRD#: 5247677) as their financial advisor may have reason for concern. Recent developments surrounding Whelan’s tenure at Merrill Lynch—including allegations of “selling away,” fraudulent investment schemes, and serious investor complaints—suggest that clients who entrusted him with their financial security could be at risk.

Who Is Greg Whelan?

Greg Whelan has spent more than a decade in the securities industry, most recently working as a financial advisor with MWD Wealth Management Group at Merrill Lynch in Fort Lauderdale, Florida, before resigning in 2025. His career also included roles at Morgan Stanley, UBS, and other financial institutions. He was licensed to operate in states like California, Florida, Georgia, Ohio, and Texas, and had passed key industry exams—the Series 7, 63, 65, and SIE. Whelan is currently registered with Kovack Securities, Inc.

Despite his credentials, troubling allegations have emerged that should raise red flags for any investor who worked with him.

The Allegations and Resignation

In 2025, Whelan voluntarily resigned from Merrill Lynch amid allegations of selling investments outside the firm—a practice known in the financial industry as “selling away.” According to regulatory filings, he was also accused of conflicts of interest and conducting business using a personal device, all serious issues that can expose investors to unnecessary risk and the potential for catastrophic losses.

Whelan has denied any wrongdoing and claims he resigned voluntarily without the firm formally accusing him of violating its policies. However, his record tells a different story: at least two investor complaints have been filed against him involving allegations of unsuitable investments, misrepresentation of facts, and unauthorized selling away, with settlements totaling millions of dollars.

What Investors Should Know

Investors who worked with Greg Whelan should carefully review their accounts and transactions. They may want to consider whether:

• Whelan communicated to them about their investments using text messages, WhatsApp, or his personal email account instead of his official Merrill Lynch email account.
• They invested in real estate upon Whelan’s recommendation.
• They held investments recommended by Whelan that did not appear on their Merrill Lynch statements.
• They suffered unexpected or significant losses that could not be explained.
• They were advised to invest in complicated, high-risk products they did not fully understand.
• They granted Whelan or his team discretionary authority over their accounts, allowing trades and investments without prior approval.

If any of these circumstances apply, investors may have grounds to recover losses from Whelan or from the firm(s) that employed him.

How Investors Can Protect Themselves

Financial advisors are required to act in their clients’ best interests, and brokerage firms are obligated to supervise them. Investors who suspect they have been harmed by misconduct may consider these steps:

1. Gather Documentation
   Collect statements, emails, and any records of transactions or advice received from Whelan.
2. Consult a Securities & Investment Fraud Attorney
   An investment fraud lawyer can evaluate options and determine whether there is a case against the advisor or the firm.
3. Report the Misconduct
   File a complaint with the Financial Industry Regulatory Authority (FINRA), which can investigate brokers and firms for potential violations.
4. Act Promptly
   Securities fraud cases have strict time limits. Prompt action is essential to protect financial interests.

Clients of Merrill Lynch Broker Greg Whelan Should Know They Have Legal Rights

Greg Whelan’s record and recent allegations raise serious questions about the investments he recommended. Investors who worked with him may be at risk—and could face significant financial harm as a result.

However, help is available. Levin Papantonio filed the most recent investor complaint and is in a unique position to evaluate potential claims.

Investors who believe they may have been affected are encouraged to consult with a qualified securities attorney as soon as possible. Their financial future may depend on it.