May 30, 2014 Comments (0) Blog, Securities Fraud

Kentucky financial advisor barred from the securities industry.

(Last Updated On: July 17, 2015)

FINRA recently announced that Mark Raymond Talley (CRD #4969783, Registered Representative, Ft. Mitchell, Kentucky) has been barred from association with any FINRA member in any capacity.

According to the FINRA notice, without admitting or denying the allegations, Talley consented to the described sanction and to the entry of findings that he recommended that his customer replace an existing variable annuity with a new variable annuity.

FINRA’s findings also stated that Talley misrepresented orally and in writing that the existing variable annuity was out of the surrender period and could be sold without incurring a surrender fee when in fact, the annuity was still in the surrender period and the customer would incur a $15,000 surrender fee if it was sold. As a result of Talley’s representation, the customer apparently sold the annuity and purchased a new one. On a switch form related to the transaction, Talley falsely stated that he verified that the customer’s existing annuity was out of the surrender period and claimed he had obtained this information by speaking to an individual he claimed was an employee of the insurance company that underwrote and issued the annuity. According to FINRA, Talley did not, in fact, contact the insurance company. Therefore, FINRA found that the information he placed on the switch form was false.

For the full FINRA findings see FINRA Case #2012032650301)

The White Law Group is investigating the liability that Talley’s FINRA employers may have for his actions.  When a FINRA registered financial advisor violates securities industry rules and standards, his or her employer may be held liable for failure to properly supervise the actions of their agent.

According to Talley’s FINRA BrokerReport, he was registered with Fifth Third Securities from September 2009 through May 2012, Chase Investment Services Corp. from January 2008 through March 2009, and Citigroup Global Markets from July 2005 through June 2007.

If you suffered losses investing with Mark Talley and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 312/238-9650 for a free consultation.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

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