Willie Joseph Rosser Sr. of Atlanta, Georgia, a stockbroker registered with Pruco Securities LLC, has been fined $5,000 and suspended for 45 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Rosser borrowed customer funds. Letter of Acceptance, Waiver, and Consent No. 2022074772401 (January 30, 2024).
In 2021, Pruco had rules that said their registered representatives couldn’t borrow or lend money to customers, with a few exceptions. These exceptions included immediate family members, financial institutions that regularly give out loans under certain conditions, or from customers who weren’t doing business with the stockbroker. If a stockbroker wanted to borrow from someone who met these exceptions, they usually had to get written permission from Pruco first, except for loans from immediate family.
According to the AWC, from June to October of 2021, Rosser borrowed a total of $19,000.00 from two customers at Pruco. He didn’t get the required prior written approval from Pruco for these loans. Additionally, in October 2021, he filled out an annual compliance questionnaire for Pruco and falsely claimed he hadn’t borrowed money from any customers, even though he had taken these loans. Therefore, he violated FINRA Rule 2010.
FINRA Public Disclosure additionally shows that on May 9, 2022, a customer filed a written complaint about Rosser. The complaint alleged that Rosser made unsuitable recommendations in variable annuities and failed to disclose annuity expenses, fees, and other charges while he was associated with Pruco Securities LLC. The complaint was denied on May 25, 2022.
Rosser was associated with Pruco Securities LLC in Atlanta, Georgia from December 19, 2018, to April 22, 2022. He was discharged on March 25, 2022, based on allegations that he solicited and accepted funds from a Prudential customer relating to an outside business activity and misrepresented his involvement in that activity.
