Paul E. Smyth, of Fairfield, Connecticut, a registered representative with MML Investors Services, LLC, was permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after consenting to findings that he obstructed a FINRA investigation into allegations of misappropriating a customer’s insurance payments.
According to the AWC, MML Investors Services reported to FINRA that it terminated Smyth on October 22, 2015, amid allegations that Smyth did not properly comply with an agreement to be supervised. Subsequently, on May 23, 2016, the firm indicated to FINRA, via a Form U5, that Smyth was subject to an internal review concerning a complaint stemming from a customer, in which the customer alleged that Smyth was provided with the customer’s cash premium payments in order to fund the customer’s life insurance policies, but that such payments went missing and the customer’s signature was forged on the insurance policy documents.
The AWC stated that on August 12, 2016, Smyth was sent a request by FINRA, per FINRA Rule 8210, for Symth to provide recorded testimony on August 31, 2016, in connection with the customer’s allegations. Apparently, Symth reached out to FINRA on August 12, 2016, indicating that he acknowledged FINRA’s request for testimony, but that he would not be providing such at any point.
FINRA found that Symth’s failure to provide testimony was conduct violative of FINRA Rules 2010 and 8210, leading to his permanent bar. Public disclosure records reveal that prior to FINRA’s disciplinary action, Symth became subject to the a customer dispute on May 2, 2016, where the customer alleged $27,565.00 in damages resulting from allegations of Symth’s misconduct.
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