Michael Winston Hefner of Tulsa Oklahoma a former FBL Marketing Services LLC registered representative has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by accusations that Hefner declined to cooperate with FINRA’s request for Hefner’s information. Case No. 2015047585301 (Mar. 21, 2016).
FINRA Public Disclosure confirms that on May 21, 2015, Hefner was discharged from FBL Financial Services based upon allegations that Hefner mishandled funds that were intended to be held in trust for the benefit of the insurance company.
Hefner was subsequently charged by the State of Oklahoma with felony embezzlement relating to Hefner’s activities while an agent with FBL Marketing Services; conduct violative of 21 O.S. § 1451. Case No. CF-2016-6571 (Dec. 2016). Hefner pleaded guilty to felony embezzlement in September of 2017. Consequently, Oklahoma Department of Securities barred Hefner from associating with any investment advisor or broker-dealer. In the Matter of Michael W. Hefner, ODS File 16-015 (Mar. 5, 2018).
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