According to FINRA’s December 2013 Disciplinary Actions, Martin John Maloney submitted a Letter of Acceptance, Waiver and Consent in which he was barred from association with any FINRA member in any capacity.
Without admitting or denying the findings, Maloney apparently consented to the described sanction and to the entry of findings that he instructed a retired customer to liquidate certain accounts at his member firm and deposit the funds into his checking account. The findings stated that at Maloney’s instruction, the customer allegedly wrote checks totaling $220,000 to Maloney, who falsely represented that the money was being invested in an indoor golf and driving range. Maloney purportedly never invested the money but converted the money for his own use and benefit. Finally, FINRA alleged that the customer never received any interest payments or return of principal, and never received documentation of his investment.
The White Law Group is investigating the liability that Maloney’s employer may have for failure to properly supervise Maloney and his activities. Brokerage firms have a responsibility to supervise their financial advisors and to ensure that they are complying with FINRA Rules.
According to his FINRA Broker Report, Martin John Maloney was registered with Metlife Securities in Williamsville, New York from May 1991 through February 2012.
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