Michael W. Benjamin of Bloomington Illinois a stockbroker formerly employed by State Farm VP Management Corp. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with FINRA’s requests for his information which possibly concerned the basis behind his termination from State Farm VP Management Corp. Case No. 2016051055801 (May 5, 2017).
According to FINRA Public Disclosure, Benjamin was suspended by FINRA on February 27, 2017, after having been issued a Notice of Suspension from FINRA on February 2, 2017 pursuant to FINRA Rule 9552(h). Despite the suspension, FINRA still provided Benjamin until May 4, 2017 to provide FINRA with the information requested of him or otherwise request his suspension to be lifted. However, Benjamin failed to cooperate with the timelines imposed by FINRA. Consequently, FINRA barred Benjamin in all capacities by May 5, 2017.
Benjamin had been terminated from State Farm VP Management Corp. on July 28, 2016 based upon accusations that he committed a violation of State Farm’s policies in reference to Benjamin’s offer of insurance policies to customers and handling of customer applications.
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