Floyd Earl Powell of Albertville Alabama a stockbroker formerly employed by MSI Financial Services Inc. and MML Investors Services LLC has been identified in a customer initiated investment related arbitration claim which was resolved for $1,075,000.00 in damages founded on accusations that (1) investment information was falsified or concealed by the stockbroker in regard to unregistered securities transactions and (2) customers were advised by the stockbroker to buy into fraudulent investment programs when Powell was employed by MSI Financial Services and MML Investors Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03540 (Nov. 22, 2019).
FINRA Public Disclosure reveals that Powell is referenced in six more customer initiated investment related disputes containing allegations of his wrongdoing while associated with securities broker dealers including MSI Financial Services Inc.
On March 6, 2019, a customer initiated investment related civil action involving Powell’s conduct was settled for $17,455.10 in damages based upon allegations that the customer received poor investment advice in regard to promissory notes sold through Powell. Civil Action No. 28-CV-2018-900308.00.
On March 21, 2019, a customer initiated investment related arbitration claim pertaining to Powell’s conduct was settled for $65,000.00 in damages supported by allegations of fraud. FINRA Arbitration No. 18-01491.
Powell is also referenced in a customer initiated investment related arbitration claim which was resolved for $139,000.00 in damages based upon accusations that securities laws had been violated by the stockbroker in regard to an unregistered and fraudulent investment program which was recommended for the MSI Financial Services customer. FINRA Arbitration No. 18-02916 (Mar. 21, 2019).
On May 28, 2019, another customer initiated investment related arbitration claim concerning Powell’s activities was resolved for $25,000.00 in damages founded on accusations of omissions and misrepresentations pertaining to an unregistered and fraudulent investment program which Powell advised the customer to pursue in March of 2017. FINRA Arbitration No. 19-00817.
Powell has been barred from associating with any FINRA member in any capacity based upon findings that he sold away from MSI Financial Services and MML Investors Services. Letter of Acceptance Waiver and Consent No. 2018058504901 (Feb. 13, 2019).
According to the AWC, customers were advised by Powell to purchase Woodbridge Group of Companies LLC notes. The stockbroker sold $3,491,707.00 in private securities promissory notes to thirteen investors. Eleven of those investors had brokerage accounts at MSI Financial Services. Investors’ promissory notes purchases generated $103,598.00 in commissions for Powell. Woodbridge subsequently filed for Chapter 11 bankruptcy. FINRA determined that Powell violated FINRA Rules 2010 and 3280 because of his undisclosed private securities transactions.
Powell’s registration with MSI Financial Services was terminated on March 25, 2017. He was registered with MML Investors Services between March 25, 2017 and February 5, 2018.
