Mark William Pearcy of San Diego, California, a stockbroker formerly registered with MSI Financial Services Inc. (MetLife), is referenced in a customer initiated investment related arbitration claim which was settled for $100,000.00 in damages based upon allegations of Pearcy’s misrepresentation of a variable universal life insurance policy during the time that Pearcy was employed by MetLife. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03595 (August 12, 2021). The customer was allegedly told that they would receive a ten percent annual return on the policy, which lapsed after customers paid premiums for years.
Pearcy has been identified in three more customer initiated investment related disputes containing accusations of his harmful activities while employed by MetLife. FINRA Public Disclosure reveals that a customer filed an investment related complaint involving Pearcy’s activities where the customer sought compensatory damages supported by allegations of Pearcy misrepresenting information regarding the customer’s investment accounts.
Another customer initiated investment related complaint regarding Pearcy’s conduct was resolved for $105,306.05 in damages founded on accusations that Pearcy provided unsuitable recommendations to the customer as it pertained to a variable life insurance policy when Pearcy was associated with MetLife.
Pearcy is also identified in a customer initiated investment related written complaint in which the customer requested compensatory damages based upon allegations of Pearcy’s failure to follow instructions relating to their risk tolerance. According to the complaint, Pearcy made unsuitable recommendations to the customer concerning the purchase of variable annuities while Pearcy was registered with MetLife.
Pearcy’s stockbroker and investment adviser representative registrations at MSI Financial Services were terminated on March 25, 2017. Since March 25, 2017, Pearcy has been employed by MML Investors Services LLC.