William Roy Kimberlin of Dallas Texas a stockbroker registered with MetLife Securities Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $15,000.00 in damages based upon accusations that securities laws had been violated by way of false and misleading statements being made to the customer about an unregistered and bogus real estate investment. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02128 (Apr. 26, 2019).
This is the customer initiated investment related dispute involving Kimberlin’s actions since he was sanctioned by FINRA. In fact, Kimberlin has been fined $15,000.00 and suspended from associating with any FINRA member in any capacity founded on findings that Kimberlin entered into an unapproved customer loan arrangement in which he solicited and took two customers’ funds in contravention of the firm’s policies. Letter of Acceptance Waiver and Consent No. 2016049233701 (Aug. 31, 2017).
According to the AWC, customers of MetLife loaned Kimberlin funds during a period that MetLife forbade it. Indeed, the firm made no exceptions for loans of any kind. Kimberlin solicited the first customer’s funds for a supposed real estate investment business which Kimberlin created. That customer, who was seventy-one and unknowledgeable as it related to finances, incurred tax penalties and surrender charges to loan Kimberlin the money. The AWC stated that Kimberlin also procured funds from a seventy-six year old customer for purposes of funding his real estate investment business.
Instead of using the funds as intended, Kimberlin used the customers’ money to pay his existing expenses and then failed to repay them; conduct FINRA found violative of FINRA Rules 2010 and 3240. FINRA also determined that Kimberlin lied about borrowing from customers when completing MetLife’s annual compliance certifications; conduct violative of Rule 2010.
Kimberlin was discharged by MetLife supported by allegations of him violating the firm’s policies concerning customer loans.
