Marion Strickler Adams III (also known as Ma’on Adams), of Mobile, Alabama, a stockbroker registered with Raymond James Associates Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because he failed to cooperate with an investigation into allegations of his potential misappropriation of funds. Letter of Acceptance, Waiver, and Consent No. 2021073056501 (March 5, 2024).
This regulatory action stemmed from an incident reported by Raymond James Associates Inc. on November 5, 2021. The securities broker dealer submitted a Uniform Termination Notice for Securities Industry Registration (Form U5), detailing that on October 7, 2021, it permitted Adams to resign. The firm referred to a complaint from the executor of an estate. The complaint alleged that Adams, while acting as the prior executor of the estate, may have misappropriated estate assets.
According to the AWC, FINRA requested Adams to appear for testimony on February 6, 2024, under FINRA Rule 8210. Adams, however, refused to testify, as confirmed by his lawyer’s communication with FINRA on February 7, 2024. Therefore, Adams violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that on July 6, 2021, a customer filed an investment related complaint alleging that Adams may have misappropriated estate assets during the time that he was associated with Raymond James Associates. The complaint alleged that Adams, as the prior executor of the estate, was engaged in the activities between July 1, 2017, and July 6, 2021. The complaint was closed on February 23, 2022, with no further action taken by the customer.
Adams was associated with The Jeffrey Matthews Financial Group LLC in Mobile, Alabama from January 19, 2022, to March 5, 2024. Prior to this, Adams was with Raymond James Associates Inc., also located in Mobile, Alabama, from February 13, 2013, to November 5, 2021.
