Timothy Munley, of Hermitage, Pennsylvania, a stockbroker formerly registered with W&S Brokerage Services Inc., was the subject of a customer initiated investment related complaint filed on December 28, 2022, in which the customer requested damages based upon allegations that Munley made a recommendation to surrender a variable annuity and purchase a new variable annuity. In addition, the complaint alleges that Munley engaged in discretionary trading within the new variable annuity without the customer’s written approval when Munley was associated with W&S Brokerage Services Inc. The complaint alleges Mr. Munley made a recommendation to surrender a variable annuity and purchase a new variable annuity. In addition the complaint alleges that trades were made within the sub-accounts of the new variable annuity without the customer’s knowledge or approval and subsequently suffered market losses. Customer requesting that the original variable annuity be “retroactively revived to its original surrender value dated 09/22/2021.” The matter was marked closed by the broker-dealer in October 2024.
This is not the first time that Munley has been referenced in a customer initiated investment related dispute concerning Munley’s conduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Munley is also referenced in a customer initiated investment related complaint that was settled on June 15, 2022, to resolve allegations that Munley committed forgery in connection with the sale of variable annuities when Munley was associated with WS Brokerage Services Inc.
Munley was associated with W&S Brokerage Services Inc. in Hermitage, Pennsylvania from April 17, 2009 to June 30, 2022. On June 3, 2022, W&S Brokerage Services Inc. discharged Munley based upon allegations that Munley electronically signed a customer’s name to an annuity application without the customer’s authorization and without allowing the customer to review the application.
Munley was associated with W&S Brokerage Services Inc. in Hermitage, Pennsylvania from April 17, 2009 to June 30, 2022.
