Thomas John Leone of Farmington Connecticut a stockbroker formerly registered with MML Investors Services is referenced in a customer initiated investment related written complaint which was settled on May 10, 2018 to resolve accusations that (1) the customer’s assets had been inappropriately transferred a number of times between annuities and mutual funds and (2) the firm executed annuity transactions contrary to the customer’s instructions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure also confirms that on June 24, 2016, a customer initiated investment related complaint concerning Leone’s conduct was settled to resolve allegations that documentation containing forged signatures of the customer had been processed to convert the customers term life insurance policy to a whole life policy; and unauthorized debits were effected from the customer’s account to make premium payments on those policies.
Moreover, Leone has been fined $5,000.00 and suspended for twelve months from associating with any FINRA member in any capacity based upon consenting to findings that Leone forged a customer’s signature on life insurance policy paperwork. Letter of Acceptance Waiver and Consent No. 2016050225201 (Dec. 6, 2016).
According to the AWC, Leone placed the unauthentic signatures on several documents which pertained to the customer’s conversion of a life insurance policy. Apparently, the customer never authorized the transaction. Additionally, a payment authorization form had been completed by Leone and furnished to the insurance company causing unauthorized debits to be made from the customer’s account. FINRA found Leone’s conduct violative of FINRA Rule 2010.
Leone was discharged by MML Investors Services LLC on June 13, 2016 based upon accusations that a customer complained about his activities, alleging that a policy was purchased without the customer’s approval and that funds were taken from the customer’s account without the customer’s permission.
