Articles Tagged with MetLife

shutterstock_138129767-300x199According to BrokerCheck records Brian Murphy (Murphy) has been sanctioned and barred by The Financial Industry Regulatory Authority (FINRA) over allegations that the broker failed to respond to the regulator’s requests for information.  In July 2016, Murphy was terminated by his firm Signator Investors, Inc. (Signator) on allegations that Murphy admitted to conducting an unapproved outside business activity.  In the industry all such activities must be disclosed and approved by the firm before the broker can engage in them.

Murphy has been terminated by three employers in total during his career.  In November 2014 Murphy was terminated by MetLife Securities, Inc. (MetLife) for making a representation that he had a professional designation that he did not in fact possess.  In addition, Murphy has been subject to a number of customer complaints concerning the sale of variable annuities.

At this time it is unclear what outside business activity Murphy was engaged in.  However, the risk to investors is that the broker will use such businesses to engage in unauthorized securities activities.  The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.

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shutterstock_1832895-300x199Our firm is investigating claims made by LPL Financial LLC (LPL) when the firm terminated broker David Garces (Garces).  According to the firm, Garces was discharged in July 2016 after allegation were made that Garces engaged in an outside business activity without prior notification to the firm.

According to Garces brokercheck records Garces has disclosed only one outside business activity called TMS Merchant Solutions which Garces is the president of and is involved in selling credit card terminals.  It is unclear if other business activities are involved in LPL’s allegations.  However, often times undisclosed outside business activities are used by brokers to provide loans or sell of notes and other investments to clients outside of a brokerage firm.  These types of transactions constitute impermissible private securities transactions – a practice known in the industry as “selling away”.  Often times brokers who engage in this practice use outside businesses in order to market their securities.  At this time it is unknown and has not been alleged that Garces engaged in selling away.

Garces entered the securities industry in 2012.  From March 2012 through April 2013 Garces was associated with Metlife Securities Inc.  Thereafter, from February 2015 until August 2016, Garces was registered with LPL out of the firm’s Brooklyn, New York office location.

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