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Financial Advisor, Floyd Powell, Has Four Complaints Alleging The Sale Of A Fraudulent Security

The Wolper Law Firm is currently investigating claims against Floyd Powell, a former Financial Adviser at MML Investment Services in Albertville, Alabama.  Floyd Powell has been in the securities industry since the 1990s and was previously employed by MSI Financial Services.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), between May 2018 and October 2018, Floyd Powell was the subject of four customer complaints, alleging some variation of the following:

“Claimants allege that the rep recommended that they invest in unregistered and fraudulent investment programs, made false representations and failed to disclose material facts about the investments.”

The total damages alleged in these four complaints is nearly $4 million and the matter remain pending.  The sale of unregistered securities is a growing trend in the securities industry.  Brokers are selling more esoteric securities outside the normal course and scope of their duties as Financial Advisors and customers unknowingly agree to purchase these investments due to the trust they have for their Financial Advisors.

For a full copy of Floyd Powell’s BrokerCheck disclosures, click https://brokercheck.finra.org/individual/summary/2220029#disclosuresSection

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

The Wolper Law Firm is interested in speaking with clients of Floyd Powell as part of its investigation.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.

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