Broker Investigation – Floyd Earl Powell – Albertville, AL
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred former financial advisor Floyd Earl Powell from associating with any FINRA member at any time.
FINRA states in a Letter of Acceptance, Wavier & Consent, that between July 2016 and December 2017, Powell allegedly solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies LLC, a purported real estate investment fund.
According to FINRA, Powell allegedly sold $3,491,707 in Woodbridge notes to 13 investors, 11 of whom were customers of MML or MSI, his previous member firms.
Powell reportedly received a total of $103,598 in commissions in connection with these transactions. On December 4, 2017, Woodbridge filed a voluntary Chapter 11 bankruptcy petition. Powell did not provide notice to either firm, MML or MSI, prior to participating in these private securities transactions, nor did he obtain approval from MML or MSI.
According to his FINRA BrokerCheck Report, Powell was registered with MSI Financial Services in Albertville, AL for 25 years. In March 2017, he became affiliated with MML Investors Services in Albertville, Alabama until February 2018. He has 4 customer complaints listed on his broker record. Allegations include “inappropriate and unsuitable investment recommendations” and “unregistered and fraudulent investment programs,” among others.
For FINRA’s full findings see FINRA case number 2018058504901.
Failure to Supervise
The White Law Group is investigating potential claims involving Floyd Earl Powell and the liability his former employers may have for failing to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
If you are concerned about your investments with Floyd Earl Powell, the securities attorneys at The White Law Group may be able to help you.
For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web at www.whitesecuritieslaw.com.
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.