Christopher Todd Bailey, of Cumming, Georgia, a stockbroker registered with MML Investors Services LLC, has been permanently barred by Financial Industry Regulatory Authority (FINRA) from associating with any broker dealer firm in all capacities. The sanction was imposed because Bailey failed to provide information and documents requested by FINRA in connection with an investigation related to allegations made on a Form U5 by MML Investors Services LLC. Letter of Acceptance, Waiver, and Consent No. 2024081723301 (November 26, 2024).
According to the AWC, on March 28, 2024, MML Investors Services LLC filed a Uniform Termination Notice for Securities Industry Registration (Form U5), stating that Bailey had been discharged in connection with an investigation regarding his life insurance sales practices.
Following the termination notice, FINRA launched an investigation and, on July 18, 2024, requested that Bailey provide specific documents and information pursuant to FINRA Rule 8210. While Bailey did submit some documents, he failed to provide additional materials that FINRA had requested, including bank statements. During a phone call with FINRA staff on October 16, 2024, Bailey confirmed that he had received FINRA’s request but stated that he would not provide the documents at any time.
FINRA Rule 8210 grants FINRA the authority to require individuals associated with a securities broker dealer to provide information and documents related to its investigations. A stockbroker’s failure to comply with Rule 8210 is considered a violation of FINRA Rule 2010.
By refusing to provide the requested documents, Bailey violated both FINRA Rule 8210 and FINRA Rule 2010. The bar against Bailey is effective as of November 26, 2024.
FINRA Public Disclosure also shows that Bailey was discharged by NYLIFE Securities LLC on December 15, 2021, based upon allegations that Bailey submitted traditional life insurance and long-term care applications resulting in commission reversals. Additionally, a review of his business by the securities broker dealer determined that he potentially altered bank account information with customer initials on a required document.
Bailey was associated with MML Investors Services LLC in Cumming, Georgia, from November 7, 2022, to March 28, 2024. He was associated with NYLIFE Securities LLC in Atlanta, Georgia, from May 14, 2021, to January 14, 2022.
