MSI Financial Services

Broker Charles Evan Subject to Regulatory and Customer Complaints Over Annuity Practices

April 7, 2020 | by Staff Attorney

According to BrokerCheck records financial advisor Charles Evan (Evan), formerly employed by MML Investors Services, LLC (MML Investors) has been subject to five customer complaints, one regulatory action, and one employment termination for cause during his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), many of the customer complaints against Walker concern allegations over various annuities, insurance, and variable annuity sales practices.

In October 2019 MML Investors terminated Evan alleging inappropriate traditional insurance sales practices. Thereafter, FINRA investigated Evan, and in January 2020, FINRA found that Evan consented to the sanction and findings that he refused to provide documents and information requested by FINRA in connection with allegations concerning inappropriate traditional insurance sales practices.

In March 2020 a client complained that Evan violated the securities laws alleging that after meeting with Evan in 2017, he sold her several variable annuities that were found to be unsuitable for her needs. The customer alleged $157,370 in damages. The claim is currently pending.

In February 2020 a client complained that Evan violated the securities laws alleging that beginning in 2008, Evan made misrepresentations, and provided bad investment advice on the sales of various products, which resulted in a financial loss. The claim is currently pending.

Advisor Floyd Powell Accused of Selling Fraudulent Securities

November 18, 2018 | by Staff Attorney

According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Floyd Powell (Powell), formerly associated with MML Investors Services, LLC (MML Investors) in Albertville, Alabama has been accused by at least four clients of selling fraudulent investments.

In October 2018 a customer filed a complaint alleging that Powell, beginning in or around 2016, recommended that they invest in unregistered and fraudulent investment programs, made false representations, and failed to disclose material facts about the investments. The customer alleged over $3.1 million in damages. The claim is currently pending.

Also in October 2018 another customer filed a complaint alleging that Powell made inappropriate and unsuitable investment recommendations to and transactions beginning in early 2017. The claim is currently pending.

In August 2018 another client alleged violations of securities law regarding Powell’s recommendation to invest in unregistered and fraudulent investment program in July 2016. The claim alleges $250,000 in damages and is currently pending.

At this time it is unclear the nature or scope of the alleged outside business activities (OBAs) and private securities transactions. Powell’s public disclosures only state that he operates his business through a DBA called Faithway Financial Solutions LLC.

Broker James Paul Kolf Barred from FINRA

May 31, 2017 | by Staff Attorney

The securities and investment lawyers of Gana Weinstein LLP are investigating customer complaints filed with the Financial Industry Regulatory Authority (FINRA) against broker James Paul Kolf (Kolf). According to FINRA’s BrokerCheck records for Kolf, there are at least 6 disclosures on Kolf’s record including customer complaints and regulatory actions resulting in being barred from FINRA. The customer complaints against Kolf allege securities law violations that claim fraud, unsuitable investments, and breach of fiduciary duty.

Kolf was barred permanently from FINRA on September 2016. FIRNA ruled that he violated Securities Exchange Act of 1934 and FINRA Rules 2020 and 2010 by selling at least $588,000 worth of misrepresented securities to his clients. The securities resulted in being falsified by Kolf and the clients’ funds were used to fund his personal business expenses. He created false statements for his clients to show their interests in these investments that they were not aware were fake.

The most current customer complaint pending against Kolf was from November 2016, alleging Kolf used client funds for personal expenses. This claim occurring during Kolf’s employment at MSI Financial Services, Inc. The customer alleged losses of $29,000.00. A second customer complaint was submitted in December 2016 regarding Kolf’s actions while employed at MSI Financial Services, Inc. The customer alleged that Kolf made inappropriate recommendations to purchase a variable life insurance policy and alleged damages of $54,701.00. This complaint is still pending. The third customer complaint was lodged in December 2016 alleging that Kolf misrepresented the benefits of transferring money from one firm into variable annuities. This allegation occurred in February 2014 when Kolf was with MSI Financial Services, Inc. and is still pending.