Roger Allan Duval of Bellevue Washington a stockbroker formerly registered with MML Investors Services LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded upon findings that he converted funds belonging to three customers of the securities broker dealer. Letter of Acceptance Waiver and Consent No. 2019062789901 (Sept. 18, 2020).
According to the AWC, three elderly customers had been steered by Duval towards privately opening up and funding investment accounts. Those accounts were not held with MML but instead held at another securities broker dealer unbeknownst to MML. The AWC stated that between June of 2017 and April of 2019, during the period that he was associated with MML and Pruco Securities LLC, he logged into the accounts of his customers at which point he wrote himself about $130,000.00 in checks without the knowledge or authorization of those customers.
The AWC states that the checks had been deposited by Duval into his own banking account. Some of those funds had been relocated to the stockbroker’s investment account. FINRA determined that Duval’s misuse of the customers’ funds for the stockbroker’s own personal use had constituted the violation of FINRA Rules 2010 and 2150(a).
This is not the first time that Duval has been sanctioned by a regulator for misconduct in the securities industry. On May 24, 2019, a Summary Order was issued by Washington Securities Division which had the effect of suspending Duval’s registration in Washington and assessing costs and fines to the stockbroker supported by accusations that he effected unauthorized transactions. Case No. S-19-2683-19-TO01.
According to Washington Securities Division, between June of 2017 and April of 2019, unauthorized withdrawals with a principal value of $246,000.00 had been executed from three customers’ brokerage accounts. Funds were misappropriated by Duval through his placement of funds in a credit union. Washington Securities Division indicated that two accounts were owned by seniors residing in Washington. The other account was owned by a Washington resident who died. The stockbroker reportedly broke into the customer’s account following the customer’s death.
FINRA Public Disclosure confirms that Duval has been identified in two customer initiated investment related disputes concerning allegations of his bad sales activities while employed by Pruco Securities and AG Edwards Sons. Duval is referenced in a customer initiated investment related arbitration claim which has been settled for $60,000.00 in damages based upon accusations of unsuitable options transactions being effected in the customer’s account by Duval during the time that he was associated with AG Edwards.
On March 2, 2020, another customer filed an investment related complaint concerning Duval’s conduct where the customer requested unspecified damages founded upon allegations that omissions had been made by the stockbroker regarding investment objectives. The complaint also alleges that funds were misappropriated by the stockbroker when he was associated with Pruco Securities.
Duval’s registration with MML Investors Services was terminated on September 11, 2018. He was associated with Pruco Securities between September 6, 2018 and May 31, 2019.
