Merrill Lynch Has Failed to Answer Allegations. Time is Running Out.

ENID, Okla., 05/14/03 Lloyd's of London would not insure it for media perils exposure. Famed Oklahoma attorney, Stephen Jones, has called it dangerous because it "names names, takes no prisoners, and is explosive." And a publicized booksigning event was recently cancelled at a bookstore in Tulsa because of pressure brought to bear by Merrill Lynch employees. Keith Schooley's controversial book, Merrill Lynch: The Cost Could Be Fatal - My War Against Wall Street's Giant (2002, Lakepointe Publishing) is at the center of this storm. In late May of last year, Schooley sent each of Merrill Lynch's 11 directors a copy of his book. Now, almost a year later, the statute of limitations for a defamation action is about to expire. Schooley has not heard from Merrill Lynch, even though his controversial book has received national attention. He has been featured in an author interview in Bimonthly Review of Law Books and interviewed [...]

Bookstore Signing Cancelled under Pressure from Merrill Lynch

TULSA, Okla., 03/05/03 A well-known Tulsa bookstore called off a scheduled book-signing by whistle-blowing author Keith Schooley, as a result of pressure from the company whose practices were exposed by Schooley, Merrill Lynch. Schooley's book, Merrill Lynch: The Cost Could Be Fatal (2002, Lakepointe Publishing) charges the Wall Street giant with a corrupt corporate culture that stretches back more than a decade, when he worked for the firm as a financial consultant. Today, Schooley revealed that a book-signing, scheduled in late February at Steve's Books and Magazines in Tulsa, was abruptly cancelled. Schooley says he was told by the owner, Steve Stephenson, that he had received "too much static" from employees of Merrill Lynch, including two brokers and their supervisor at a local Oklahoma branch. Schooley, who lives in nearby Enid, Okla., said he was extremely disappointed by the cancellation at the highly regarded local bookstore. "I don't blame the bookstore," he [...]

Merrill Lynch Executives and Directors Need to Go Says Whistle-Blowing Former Employee

ENID, OKLAHOMA, 10/07/02 A former employee of Merrill Lynch says a major shake-up of the company is needed if it is to avoid losing the confidence of shareholders and clients. Keith Schooley, author of a new book that blows the whistle on what he calls an unethical corporate culture within Merrill Lynch, notes that the company has been accused of improprieties in several recent financial scandals, including one last May that ended in a $100 million settlement with New York Attorney General Eliot Spitzer. "The reports of wrongdoing keep coming, and I'd bet they won't slow down because dishonesty seems ingrained in the way business is done at Merrill Lynch," Schooley alleges. "I believe a good number of senior executives and directors of the firm need to step aside for their failure to responsibly act. In light of the recent spate of scandals at Enron, Arthur Andersen, WorldCom, Adelphia, and others, shareholders [...]

Former Employee Alleges Merrill Lynch Misdeeds

ENID, OKLAHOMA, 05/14/02 A former employee of Merrill Lynch, Keith Schooley, said today he is not surprised by recent allegations of conflicts of interest in the company's advice to investors. According to Schooley, the company had a business climate that led to dishonest practices at least as long as ten years ago. Schooley's forthcoming book, Merrill Lynch: The Cost Could be Fatal (Lakepointe Publishing, 282 pp. hardcover, $27.95) exposes wrongdoing - including cheating and cover-ups - involving the company that thrives on its reputation as "the broker of Main Street, not Wall Street." The book, ten years in the making, is scheduled for release in August, but the publisher has rushed advance copies into print because of the recent headlines involving the company. Schooley began working in Merrill Lynch's office in Enid, OK a decade ago, eager to embark on a career with the huge, widely respected company. Almost immediately, he says, [...]

Wall Street Facade Revealed

ENID, OKLAHOMA, 05/10/02 When financial consultant Keith Schooley took a job with one of the largest, most respected securities firms on Wall Street, he had high hopes for a successful career. He was proud to work for a company of such high integrity as Merrill Lynch. It didn't take long, however, for Schooley to realize Merrill Lynch's well-cultivated reputation was not based on what went on behind the facade. Merrill Lynch: The Cost Could Be Fatal—My War Against Wall Street's Giant is Schooley's detailed account of the disturbing incidents that eventually led him to a courtroom battle with the behemoth firm. The story follows the chronological events of his experience, beginning with Schooley's background and employment at Merrill Lynch. Schooley encountered a number of questionable events within the firm, including cheating on insurance exams. When Schooley approached his manager on how he was representing certain securities to his clients, the manager's superior [...]

Go to Top