MERCER CAPITAL LTD. - finra

BrokerCheck Report

MERCER CAPITAL LTD.

Section Title

Report Summary

Registration and Withdrawal

Firm History

CRD# 104012

1

2

8

Firm Profile 3 - 7

Page(s)

Firm Operations 9 - 13

Disclosure Events 14

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MERCER CAPITAL LTD.

CRD# 104012

SEC# 8-52473

Main Office Location

40 WALL ST. 31ST FLOORNEW YORK, NY 10005

Mailing Address


Business Telephone Number

212-269-8484

Report Summary for this Firm

This report summary provides an overview of the brokerage firm. Additional information for this firm can be foundin the detailed report.

Disclosure Events

Brokerage firms are required to disclose certaincriminal matters, regulatory actions, civil judicialproceedings and financial matters in which the firm orone of its control affiliates has been involved.

Are there events disclosed about this firm? Yes

The following types of disclosures have beenreported:

Type Count

Regulatory Event 1

Arbitration 6

Firm Profile

This firm is classified as a partnership.

This firm was formed in Texas on 06/30/1999.

Its fiscal year ends in December.

Firm History

Information relating to the brokerage firm's historysuch as other business names and successions(e.g., mergers, acquisitions) can be found in thedetailed report.

Firm Operations

This brokerage firm is no longer registered withFINRA or a national securities exchange.

www.finra.org/brokercheck User Guidance

1©2022 FINRA. All rights reserved. Report about MERCER CAPITAL LTD.


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This section provides information relating to the date the brokerage firm ceased doing business and the firm's financialobligations to customers or other brokerage firms.

Registration Withdrawal Information

01/15/2010

No

Date firm ceased business:

Does this brokerage firm oweany money or securities toany customer or brokeragefirm?






This firm is classified as a partnership.

This firm was formed in Texas on 06/30/1999.

CRD#

This section provides the brokerage firm's full legal name, "Doing Business As" name, business and mailingaddresses, telephone number, and any alternate name by which the firm conducts business and where such name isused.

Firm Profile

Firm Names and Locations

Its fiscal year ends in December.

MERCER CAPITAL LTD.

SEC#

104012

8-52473

Main Office Location

Mailing Address

Business Telephone Number

Doing business as MERCER CAPITAL LTD.

212-269-8484








This section provides information relating to all direct owners and executive officers of the brokerage firm.

Direct Owners and Executive Officers

Firm Profile

Position

Percentage of Ownership

Is this a public reportingcompany?

Position Start Date

Does this owner direct themanagement or policies ofthe firm?

ESTATE OF LEONARD C. DEMERS

PARTNER

50% but less than 75%

No

Domestic Entity

12/2008

No

Is this a domestic or foreignentity or an individual?

Legal Name & CRD# (if any):

Position



Position Start Date


SALINO, ANTHONY JOHN

CEO, CHIEF OPERATING OFFICER, PRESIDENT

50% but less than 75%

No

Individual

12/2008

Yes

2162704



Position


Position Start Date


BURAGLIO, KATHLEEN

ADMINISTRATOR OF ESTATE

Less than 5%

Individual

12/2008

Yes








Direct Owners and Executive Officers (continued)

Firm Profile



No

Yes

Position



Position Start Date


COHEN, ROY

ASSISTANT COMPLIANCE OFFICER/ MSRB

Less than 5%

No

Individual

07/2006

Yes

1633948



Position



Position Start Date


DORMAN, ANDREW BENNETT

FINOP

Less than 5%

No

Individual

06/2008

Yes

1135912



SCHULTZ, LYNN GORDON

Individual

1052349








Direct Owners and Executive Officers (continued)

Firm Profile

Position



Position Start Date


CHIEF COMPLIANCE OFFICER / SROP / CROP

Less than 5%

No

Individual

07/2006

Yes







This section provides information relating to any indirect owners of the brokerage firm.

Indirect Owners

Firm Profile

No information reported.






Firm History

This section provides information relating to any successions (e.g., mergers, acquisitions) involving the firm.

No information reported.






Firm Operations

RegistrationsThis section provides information about the regulators (Securities and Exchange Commission (SEC), self-regulatoryorganizations (SROs), and U.S. states and territories) with which the brokerage firm is currently registered andlicensed, the date the license became effective, and certain information about the firm's SEC registration.

The firm's registration was from 01/03/2001 to 03/22/2010.

This firm is no longer registered.






Firm Operations

Types of BusinessThis section provides the types of business, including non-securities business, the brokerage firm is engaged in orexpects to be engaged in.

Other Types of Business

This firm does not effect transactions in commodities, commodity futures, or commodity options.This firm does not engage in other non-securities business.

Non-Securities Business Description:

This firm currently conducts 10 types of businesses.

Types of Business

Broker or dealer retailing corporate equity securities over-the-counter

Broker or dealer selling corporate debt securities

Underwriter or selling group participant (corporate securities other than mutual funds)

Mutual fund retailer

Broker or dealer selling variable life insurance or annuities

Put and call broker or dealer or option writer

Non-exchange member arranging for transactions in listed securities by exchange member

Trading securities for own account

Private placements of securities

Other - DAY TRADING






Firm Operations

Clearing Arrangements

This firm does not hold or maintain funds or securities or provide clearing services for other broker-dealer(s).

Introducing Arrangements

This firm does refer or introduce customers to other brokers and dealers.

Name: RBC DAIN RAUSCHER INC.

Business Address: 60 SOUTH SIXTH STREETMINNEAPOLIS, MN 55402

CRD #: 31194

Effective Date: 11/08/2004

Description: MERCER CAPITAL LTD HAS EXECUTED A CLEARING AGREEMENT WITHRBC DAIN, TO REPRESENT IT WITH REGARD TO ACTING AS A CLEARINGBROKER OR DEALER AND TO MAINTAIN ITS CUSTOMER ACCOUNTS.THROUGH THIS CLEARING AGREEMENT, MERCER CAPITAL LTD WILLHAVE ACCESS TO ALL MAJOR EXCHANGES AND RBC DAIN, WILLEXECUTE MERCER CAPITAL LTD. ORDERS AND ACT AS ITS BACKOFFICE






Firm Operations

Industry Arrangements

This firm does have books or records maintained by a third party.

This firm does not have accounts, funds, or securities maintained by a third party.

This firm does not have customer accounts, funds, or securities maintained by a third party.

This firm does not have individuals who control its management or policies through agreement.

This firm does not have individuals who wholly or partly finance the firm's business.

Control Persons/Financing

Name: RBC DAIN RAUSCHER INC.

Business Address: 60 SOUTH SIXTH STREETMINNEAPOLIS, MN 55402

CRD #: 31194

Effective Date: 11/08/2004

Description: MERCER CAPITAL LTD HAS EXECUTED A CLEARING AGREEMENT WITHRBC DAIN, TO REPRESENT IT WITH REGARD TO ACTING AS A CLEARINGBROKER OR DEALER AND TO MAINTAIN ITS CUSTOMER ACCOUNTS.THROUGH THIS CLEARING AGREEMENT, MERCER CAPITAL LTD WILLHAVE ACCESS TO ALL MAJOR EXCHANGES AND RBC DAIN, WILLEXECUTE MERCER CAPITAL LTD. ORDERS AND ACT AS ITS BACKOFFICE.






Firm Operations

Organization AffiliatesThis section provides information on control relationships the firm has with other firms in the securities, investmentadvisory, or banking business.

This firm is not, directly or indirectly:

· in control of· controlled by· or under common control withthe following partnerships, corporations, or other organizations engaged in the securities or investmentadvisory business.

This firm is not directly or indirectly, controlled by the following:

· bank holding company· national bank· state member bank of the Federal Reserve System· state non-member bank· savings bank or association· credit union· or foreign bank






Disclosure Events

All firms registered to sell securities or provide investment advice are required to disclose regulatory actions, criminal orcivil judicial proceedings, and certain financial matters in which the firm or one of its control affiliates has been involved.For your convenience, below is a matrix of the number and status of disclosure events involving this brokerage firm orone of its control affiliates. Further information regarding these events can be found in the subsequent pages of thisreport.

Final On AppealPending

Regulatory Event 0 1 0

Arbitration N/A 6 N/A






Disclosure Event Details

What you should know about reported disclosure events:

1. BrokerCheck provides details for any disclosure event that was reported in CRD. It also includessummary information regarding FINRA arbitration awards in cases where the brokerage firm wasnamed as a respondent.

2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a brokerage firm is required to disclose a

particular criminal event.3. Disclosure events in BrokerCheck reports come from different sources:

o Disclosure events for this brokerage firm were reported by the firm and/or regulators. When the firmand a regulator report information for the same event, both versions of the event will appear in theBrokerCheck report. The different versions will be separated by a solid line with the reporting sourcelabeled.

4. There are different statuses and dispositions for disclosure events: o A disclosure event may have a status of pending, on appeal, or final.

§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently

being appealed.§ A "final" event has been concluded and its resolution is not subject to change.

o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter,

or (2) an administrative panel in an action brought by a regulator that is contested by the partycharged with some alleged wrongdoing.

§ A "settled" matter generally involves an agreement by the parties to resolve the matter.Please note that firms may choose to settle customer disputes or regulatory matters forbusiness or other reasons.

§ A "resolved" matter usually involves no payment to the customer and no finding ofwrongdoing on the part of the individual broker. Such matters generally involve customerdisputes.

5. You may wish to contact the brokerage firm to obtain further information regarding any of thedisclosure events contained in this BrokerCheck report.

Regulatory - Final

This type of disclosure event involves (1) a final, formal proceeding initiated by a regulatory authority (e.g., a statesecurities agency, self-regulatory organization, federal regulator such as the U.S. Securities and Exchange Commission,foreign financial regulatory body) for a violation of investment-related rules or regulations; or (2) a revocation orsuspension of the authority of a brokerage firm or its control affiliate to act as an attorney, accountant or federalcontractor.

Disclosure 1 of 1

Reporting Source: Regulator

Allegations: ON JANUARY 5, 2010, THE CONNECTICUT BANKING COMMISSIONERENTERED A CONSENT ORDER WITH RESPECT TO MERCER CAPITAL LTD.THE CONSENT ORDER ALLEGED THAT 1) FROM APRIL 24, 2007 TO AUGUST20, 2008, THE FIRM VIOLATED SECTION 36B-6(B) OF THE CONNECTICUTUNIFORM SECURITIES ACT BY EMPLOYING ONE OR MORE UNREGISTEREDAGENTS; 2) BETWEEN JUNE 4, 2007 AND JANUARY 22, 2008, THE FIRMVIOLATED SECTION 36B-16 OF THE ACT BY OFFERING AND SELLINGUNREGISTERED SECURITIES IN CONNECTICUT; AND 3) INCONTRAVENTION OF SECTION 36B-31-6F(B) OF THE REGULATIONS UNDERTHE ACT, THE FIRM FAILED TO ESTABLISH AND IMPLEMENT A SYSTEM FORSUPERVISING THE ACTIVITIES OF ITS AGENTS THAT WAS REASONABLYDESIGNED TO ACHIEVE REGULATORY COMPLIANCE.

Current Status: Final






Initiated By: CONNECTICUT

Principal Sanction(s)/ReliefSought:

Civil and Administrative Penalt(ies) /Fine(s)

Other Sanction(s)/ReliefSought:

Date Initiated: 01/05/2010

Docket/Case Number: CO-09-7742-S

URL for Regulatory Action:

Principal Product Type: No Product

Other Product Type(s):

Allegations: ON JANUARY 5, 2010, THE CONNECTICUT BANKING COMMISSIONERENTERED A CONSENT ORDER WITH RESPECT TO MERCER CAPITAL LTD.THE CONSENT ORDER ALLEGED THAT 1) FROM APRIL 24, 2007 TO AUGUST20, 2008, THE FIRM VIOLATED SECTION 36B-6(B) OF THE CONNECTICUTUNIFORM SECURITIES ACT BY EMPLOYING ONE OR MORE UNREGISTEREDAGENTS; 2) BETWEEN JUNE 4, 2007 AND JANUARY 22, 2008, THE FIRMVIOLATED SECTION 36B-16 OF THE ACT BY OFFERING AND SELLINGUNREGISTERED SECURITIES IN CONNECTICUT; AND 3) INCONTRAVENTION OF SECTION 36B-31-6F(B) OF THE REGULATIONS UNDERTHE ACT, THE FIRM FAILED TO ESTABLISH AND IMPLEMENT A SYSTEM FORSUPERVISING THE ACTIVITIES OF ITS AGENTS THAT WAS REASONABLYDESIGNED TO ACHIEVE REGULATORY COMPLIANCE.

Resolution Date: 01/05/2010

Resolution:

Other Sanctions Ordered: THE CONSENT ORDER DIRECTED THE FIRM TO CEASE AND DESIST FROMREGULATORY VIOLATIONS. IN ADDITION, THE CONSENT ORDERREQUIRED THAT MERCER CAPITAL LTD. PAY $5,000 TO THE AGENCY. OFTHAT AMOUNT, $3,500 CONSTITUTED AN ADMINISTRATIVE FINE AND $1,500WOULD BE APPLIED TO DEFRAY THE DEPARTMENT'S INVESTIGATIVE ANDEXAMINATION COSTS ASSOCIATED WITH THE MATTER.

Sanction Details: SEE RESPONSE TO ITEM 13.B.

Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?

No

Sanctions Ordered: Monetary/Fine $3,500.00Cease and Desist/Injunction

Consent






Sanction Details: SEE RESPONSE TO ITEM 13.B.

iReporting Source: Firm

Initiated By: CONNECTICUT

Principal Sanction(s)/ReliefSought:

Civil and Administrative Penalt(ies) /Fine(s)

Other Sanction(s)/ReliefSought:

Date Initiated: 01/05/2010

Docket/Case Number: CO-09-7742-S

Principal Product Type: No Product

Other Product Type(s):

Allegations: ON JANUARY 5, 2010, THE CONNECTICUT BANKING COMMISSIONERENTERED A CONSENT ORDER WITH RESPECT TO MERCER CAPITAL LTD.THE CONSENT ORDER ALLEGED THAT 1) FROM APRIL 24, 2007 TO AUGUST20, 2008, THE FIRM VIOLATED SECTION 36B=6(B) OF CONNECTICUTUNIFORM SECURITIES ACT BY EMPLOYING ONE OR MORE UNREGISTEREDAGENTS; 2) BETWEEN JUNE 4, 2007 AND JANUARY 22, 2008, THE FIRMVIOLATED SECTION 36B-16 OF THE ACT BY OFFERING AND SELLINGUNREGISTERED SECURITIES IN CONNECTICUT; AND 3) INCONTRAVENTIONOF SECTION 36B-6F(B) OF THE REGULATIONS UNDER THE ACT, THE FIRMFAILED TO ESTABLISH AND IMPLEMENT A SYSTEM FOR SUPERVISING THEACTIVITIES OF ITS AGENTS THAT WAS REASONABLY DESIGNED TOACHIEVE REGULATORY COMPLIANCE.

Current Status: Final

Resolution Date: 01/05/2010

Resolution:

Other Sanctions Ordered: IN ADDITION, THE CONSENT ORDER REQUIRED THAT MERCER CAPITALLTD. PAY $1,500 ADDITIONAL TO THE AGENCY, TO DEFRAY THEDEPARTMENT'S INVESTIGATIVE AN EXAMINATION COSTS ASSOCIATEDWITH THE MATTER.

Sanction Details: SEE RESONCE TO ITEM 12.B.

Sanctions Ordered: Monetary/Fine $3,500.00Cease and Desist/Injunction

Consent






Arbitration Award - Award / Judgment

Brokerage firms are not required to report arbitration claims filed against them by customers; however, BrokerCheckprovides summary information regarding FINRA arbitration awards involving securities and commodities disputesbetween public customers and registered securities firms in this section of the report. The full text of arbitration awards issued by FINRA is available at www.finra.org/awardsonline.

Disclosure 1 of 6


Type of Event: ARBITRATION

Arbitration Forum:

Case Initiated:

Case Number:

Allegations:

Disputed Product Type:

Sum of All Relief Requested:

Disposition:

Disposition Date:

Sum of All Relief Awarded:

FINRA

05/28/2009

09-01871

ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-CHURNING; ACCOUNT ACTIVITY-MISREPRESENTATION; ACCOUNTACTIVITY-OMISSION OF FACTS

COMMON STOCK; CORPORATE BONDS; LIMITED PARTNERSHIPS; PRIVATEEQUITIES

$2,000,000.00

AWARD AGAINST PARTY

02/11/2011

$98,303.00

There may be a non-monetary award associated with this arbitration.Please select the Case Number above to view more detailed information.

Disclosure 2 of 6

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Arbitration Forum:

Case Initiated:

Case Number:

Allegations:

FINRA

05/28/2009

09-02420

ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-CHURNING; ACCOUNT ACTIVITY-MISREPRESENTATION; ACCOUNTACTIVITY-OMISSION OF FACTS





www.finra.org/awardsonline




Disposition:

Disposition Date:


COMMON STOCK; CORPORATE BONDS; LIMITED PARTNERSHIPS; PRIVATEEQUITIES

$600,000.00

AWARD AGAINST PARTY

12/02/2010

$789,287.00


Disclosure 3 of 6

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Arbitration Forum:

Case Initiated:

Case Number:

Allegations:



Disposition:

Disposition Date:


FINRA

05/07/2009

09-02510

ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-CHURNING; ACCOUNT ACTIVITY-MISREPRESENTATION; ACCOUNTACTIVITY-OMISSION OF FACTS; ACCOUNT ACTIVITY-SUITABILITY; ACCOUNTRELATED-BREACH OF CONTRACT; ACCOUNT RELATED-FAILURE TOSUPERVISE; ACCOUNT RELATED-NEGLIGENCE

COMMON STOCK; FANNIE MAE

$119,610.00

AWARD AGAINST PARTY

01/08/2013

$90,000.00


Disclosure 4 of 6

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Allegations: ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-SUITABILITY; ACCOUNT RELATED-NEGLIGENCE






Arbitration Forum:

Case Initiated:

Case Number:



Disposition:

Disposition Date:


FINRA

02/01/2010

10-00365

ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-SUITABILITY; ACCOUNT RELATED-NEGLIGENCE

COMMON STOCK; PRIVATE EQUITIES

$100,000.00

AWARD AGAINST PARTY

08/29/2011

$4,000.01


Disclosure 5 of 6

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Arbitration Forum:

Case Initiated:

Case Number:

Allegations:



Disposition:

Disposition Date:


FINRA

02/05/2010

10-00417

ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-MISREPRESENTATION; ACCOUNT RELATED-BREACH OF CONTRACT;ACCOUNT RELATED-NEGLIGENCE

COMMON STOCK

$260,000.00

AWARD AGAINST PARTY

10/24/2011

$200,000.00


Disclosure 6 of 6

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Allegations: ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-MISREPRESENTATION; ACCOUNT ACTIVITY-OMISSION OF FACTS;ACCOUNT RELATED-BREACH OF CONTRACT; EXECUTIONS-FAILURE TOEXECUTE






Arbitration Forum:

Case Initiated:

Case Number:

Allegations:



Disposition:

Disposition Date:


FINRA

05/04/2010

10-01469

ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-MISREPRESENTATION; ACCOUNT ACTIVITY-OMISSION OF FACTS;ACCOUNT RELATED-BREACH OF CONTRACT; EXECUTIONS-FAILURE TOEXECUTE

OTHER TYPES OF SECURITIES

$25,000.00

AWARD AGAINST PARTY

10/26/2010

$25,212.50







End of Report

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