Floyd E. Powell of Albertville, Alabama, a stockbroker registered with MSI Financial Services Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $62,500.00 in damages based upon allegations that Powell made unsuitable recommendations of Woodbridge Group promissory notes during the time that Powell was associated with MSI Financial Services Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00403 (April 5, 2021).
On February 13, 2019, Powell was barred from associating with any FINRA member in any capacity because Powell engaged in private securities transactions. Letter of Acceptance, Waiver, and Consent No. 2018058504901.
According to the AWC, between July 2016 and December 2017, during the time that he was associated with MML Investors Services LLC, Powell solicited investors to buy promissory notes relating to Woodbridge Group of Companies. Powell sold $3,491,707.00 in notes to investors, some of whom were the securities broker dealer’s customers. Powell failed to get authorization from MML Investors Services LLC for his solicitations of notes. Therefore, he violated FINRA Rules 2010 and 3280.
FINRA Public Disclosure shows that Powell is referenced in six other customer initiated investment related disputes concerning Powell’s conduct while associated with securities broker dealers, including MSI Financial Services Inc. On March 6, 2019, a civil action involving Powell’s conduct was settled for $17,455.10 in damages based upon allegations that Powell made unsuitable recommendations of Woodbridge Group promissory notes. Civil Action No. 28-CV-2018-900308.00.
On March 21, 2019, a FINRA securities arbitration claim involving Powell’s conduct was settled for $139,000.00 in damages based upon allegations that Powell violated state securities laws in connection with the recommendation and sale of Woodbridge Group securities. FINRA Arbitration No. 18-02916.
Powell was also referenced in a FINRA securities arbitration claim that was settled for $25,000.00 in damages based upon allegations that Powell recommended unregistered Woodbridge Group securities. FINRA Arbitration No. 19-00817 (May 28, 2019). On November 22, 2019, another FINRA securities arbitration claim involving Powell’s conduct was settled for $1,075,000.00 in damages based upon allegations of misrepresentations and omissions of material fact. FINRA Arbitration No. 18-03540.
Powell is also referenced in a FINRA securities arbitration claim in which the customer requested $101,001.00 in damages based upon allegations that Powell recommended unregistered securities and made omissions and misrepresentations of material fact in connection with the sale of private placements. FINRA Arbitration No. 20-00194 (January 20, 2020).
Powell was associated with MML Investors Services LLC in Albertville, AL, from March of 2017 to February of 2018, and was associated with MSI Financial Services Inc. in Albertville, AL, from March of 1992 to March of 2017.
