MML Investors Broker Fined For Outside Business Activities
Robert Jay Myers of Greenwood Village Colorado a stockbroker formerly employed by MML Investors Services LLC has been fined $20,000.00 and suspended for one year from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he engaged in undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2015045384601 (June 14, 2016).
According to the AWC, while Myers was associated with MML Investors Services LLC, he arranged with customer EC for Myers to provide the customer quarterly reviews of the customer’s investment accounts in return for advisory fees. Apparently, Myers procured $57,575.00 from EC pursuant to their arrangement. However, during this period, MML Investors Services mandated that Myers provide the firm with notice of any outside business activities and obtain approval for those activities prior to engaging in them. Since Myers’ arrangement with EC did not fall within the scope of his employment arrangement with MML Investors Services, LLC, he was required to have followed that policy regarding his arrangement. FINRA found Myers’ engagement in unapproved outside business activities to be violative of FINRA Rules 2010 and 3270.
FINRA Public Disclosure confirms that on April 9, 2015, a customer initiated investment related complaint regarding Myers’ conduct was settled for $25,903.75 in damages based upon accusations that Myers charged the customer unwarranted fees in reference to the customer’s variable annuity policies.
MML Investors Services LLC discharged Myers on May 21, 2015 supported by allegations that Myers became subject of a complaint from a customer of the firm.
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