Jose J. Perez, of Orland Park, Illinois, a stockbroker formerly registered with MetLife Securities Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected an unauthorized transfer of a customer’s assets. Letter of Acceptance, Waiver and Consent, No. 2015044718001 (June 1, 2017).
According to the AWC, Perez serviced customer SG’s account via MetLife Securities from 1998 to 2014. The AWC stated that in 2014, another institution was contacted by Perez and his colleague claiming to be the customer and the customer’s brother. The AWC indicated that Perez’s colleague provided bogus authority for Perez to transact on SG’s behalf. At that time, Perez reportedly instructed the outside institution to transfer the customer’s assets into an individual retirement account through MetLife.
The AWC revealed; however, that the customer’s 401(k) funds were transferred to MetLife rather than a pension plan based upon the faulty instructions that Perez provided to the transferring institution. The customer’s son reportedly contacted the firm regarding the botched transaction effected by Perez. FINRA found that Perez’s impersonation of a customer was conduct violative of FINRA Rule 2010.
This is not the first time that Perez’s activities resulted in a customer complaint. Particularly, FINRA Public Disclosure reveals that Perez has been subject of a customer initiated investment related written complaint, in which the customer requested $45,200.00 based upon allegations that Perez, while associated with MetLife, omitted facts from the customer concerning surrender penalties on a variable universal life insurance contact.
Perez was terminated from MetLife on February 13, 2015, based upon allegations that he admitted to having effected the unauthorized transfer of customer funds.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
