BROKER FLOYD POWELL BARRED FOR UNAPPROVED PRIVATE SECURITIES TRANSACTIONS

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Floyd Powell, of Albertville, Alabama, from the securities industry based on findings that he engaged in undisclosed and unapproved private securities transactions in violation of FINRA Rule 3280.

FINRA found that from July 2016 through December 2017, Floyd, while registered through MetLife Securities, Inc. and MML Investors Services, LLC, solicited investors to make nearly $3.5 million in private investments by purchasing promissory notes related to the Woodbridge Group of Companies, a purported real estate investment fund which turned out to be a massive Ponzi scheme.

Powell sold these notes to 13 investors, 11 of whom were customers of MML or MSI. The sales earned Powell $103,598 in commissions, yet Powell did not provide notice to or obtain approval from MML or MSI prior to participating in these private transactions.

Powell’s conduct was found to be in violation of FINRA rules 3280 and 2010, which prohibit “selling away” (i.e., the sale of securities not offered or held by the brokerage firm with which the broker is associated) and which require FINRA members to observe high standards of commercial honor and just and equitable principles of trade.

In addition to this regulatory action against Mr. Powell, his FINRA BrokerCheck report discloses four pending customer complaints against him in FINRA arbitration and/or litigation in DeKalb County, Alabama.

If you or someone you know lost money as a client of Floyd E. Powell, MML Investors Services, LLC, and/or MetLife Securities, Inc. due to unsuitable, misrepresented, or unauthorized transactions, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.