Andre Mitchell, a registered representative with MetLife, was permanently barred from associating with any FINRA member firm in any capacity after Financial Industry Regulatory Authority’s Office of Hearing Officers found Mitchell to have converted customer funds in addition to failing to cooperate in a FINRA’s investigation. Department of Enforcement v. Mitchell, No. 2013035618602 (Sept. 28, 2015).

According to the Decision, FINRA learned of Mitchell’s allegations from MetLife, who reported to FINRA that it had begun an internal review into a customer’s allegation that Mitchell was provided with a cash payment for insurance policy premiums that Mitchell did not apply towards the premiums. FINRA, pursuant to Rule 8210, attempted to retrieve information from Mitchell by sending him requests to provide testimony and information. The Decision indicated that Mitchell did not respond to FINRA’s request.

The Decision stated that FINRA eventually filed a Complaint alleging that Mitchell had converted funds from the insurance customer and that Mitchell failed to respond to requests for information and testimony. Mitchell reportedly never answered the complaint, prompting FINRA’s Department of Enforcement to move for an entry of a default decision.

Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.

Guiliano Law Group

If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.

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