A former international broker for Merrill Lynch has been barred by the Financial Industry Regulatory Authority, AdvisorHub reported.
The sanction against Daniel G. Diaz was disclosed in a letter of acceptance, waiver and consent. Diaz was fired by Merrill Lynch in February 2025 after the firm stated he failed “to follow management’s decision to apply discounts to the commissions applicable to certain customer accounts.”
Several months later, Diaz registered with FINRA as a GS through an association with another member firm, Raymond James Financial. In September 2025, that firm filed a Form U5 stating that Diaz voluntarily terminated his association with the firm.
FINRA then began investigating Diaz’s potential involvement with excessive commissions related to certain securities transactions. In July, as part of the investigation, FINRA sent a request to Diaz for on-the-record testimony pursuant to FINRA Rule 8210.
Diaz acknowledged that he received FINRA’s request and will not appear for on the-record testimony at any time. By refusing to appear for on-the-record testimony as requested, he was found to be in violation of FINRA Rules 8210 and 20I0.
Rule 8210(a)(I) states that FINRA has the right to require a “person associated with a member, or any other person subject to FINRA ‘s jurisdiction to provide information orally, in writing, or elcclronically … and to testify at a location specified by FINRA staff … with respect to any matter involved in [a FINRA] investigation [ or] examination.”
Rule 8210(c) provides that “[n]o member or person shall fail to provide information or testimony … pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires members to observe high standards of commercial honor and just and equitable principles of trade.
As part of the settlement, Diaz did not admit or deny wrongdoing but accepted the findings and the bar.
James Sallah with Sallah Astarita & Cox in Boca Raton, Florida, who represented Diaz in the settlement, declined to comment.
Diaz is no longer registered as a broker or investment advisor. He could not be reached for comment, according to AdvisorHub.
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