The Investor’s Watchdog

The Investor's Watchdog

Floyd Powell Consents to FINRA Bar for Allegedly Selling Woodbridge Promissory Notes

Monday, March 4, 2019

Former MML Investors Services and MSI Financial Services Representative, Floyd Powell, recently consented to a bar from associating with FINRA member firms for allegedly engaging in private securities transactions relating to the Woodbridge Group of Companies LLC without providing prior notice to his member firms.

According to the Letter of Acceptance, Waiver and Consent (AWC) approved by the Financial Industry Regulatory Authority (FINRA) Department of Enforcement on February 13, 2019, Powell engaged in undisclosed and unapproved private securities transactions totaling nearly $3.5 million between July 2016 and December 2017. During the time of the alleged transactions, Powell was associated with MSI Financial Services, Inc. (March 1992 – March 2017) and MML Investors Services, LLC (March 2017 to February 2018) in Albertville, Alabama. MSI, formerly known as MetLife Securities Inc. merged with MML in March 2017.

The AWC alleges Powell solicited and sold nearly $3.5 million in Woodbridge Group of Companies LLC (Woodbridge) promissory notes to 13 investors, 11 which were MSI or MML customers. Powell received over $103,000 in commissions in connection with these transactions.

Woodbridge is now a well-known purported real estate investment fund that eventually went bankrupt. The SEC charged the operators of Woodbridge in the $1.2 billion Ponzi scheme, that caused thousands of investors to lose their money.

Since Powell did not provide written notice or obtain approval from his member firms to engage in private securities transactions, FINRA asserts that he violated FINRA Rules 3280 and 2010. Without admitting or denying the allegations made against him, Powell consented to a bar from associating with any FINRA member in any capacity.

Investor Alert: The attorneys at ChapmanAlbin currently represent investors who lost money in Woodbridge against their former brokers and brokerage firms. The attorneys at ChapmanAlbin believe investors may be able to recover their Woodbridge losses from MML, MSI, and Floyd Powell. If you invested in Woodbridge at the advice of Floyd Powell or another broker, please contact the attorneys at ChapmanAlbin right away. Since 1998 we have been helping investors recover money lost due to investment fraud and negligence. Call us today at 1-877-410-8172 for a free consultation.

Author: Jason T. Albin

Jason Albin is an Attorney and Partner at ChapmanAlbin, the investor rights law firm. He has represented hundreds of investors who have lost money due to broker misconduct, unsuitable investment advice and fraud.​ Jason also represents individuals in “whistleblower” suits filed against unscrupulous companies that try to defraud the US federal and state governments.

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