According to a FINRA disciplinary action announcement, Mark Raymond Talley (CRD #4969783, Registered Representative, Ft. Mitchell, Kentucky) recently submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity.
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. The findings 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 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. Talley did not, in fact, contact the insurance company. Therefore, the information he placed on the switch form was false. The customer signed the switch form and Talley submitted it to his member firm. The firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5) in which it disclosed that Talley was permitted to resign after the firm determined that he had provided inaccurate information on a client disclosure document. The findings also stated that in connection with FINRA’s investigation into that disclosure, Talley provided false answers to FINRA in response to a request for information. Talley provided partial testimony in a FINRA on-the-record interview, but failed to appear to complete the testimony.
Full the full findings, see FINRA Case #2012032650301.
According to his FINRA Broker Report, Talley was registered with Fifth Third Securities from September 2009 through May 2012 and with Chase Investment Services Corp. from January 2008 through March 2009.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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