- October 4, 2020
- Pruco Securities
Roger Duval (CRD # 2503718) was a Financial Advisor at Pruco Securities, LLC in Bellevue, WA. Roger Duval has been in the securities industry since 1994 and was registered at seven different brokerage firms including MML Investors Services, LLC, MSI Financial Services, Inc., Allstate Financial Services, LLC, and Edward Jones.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 18, 2020, Roger Duval was barred by FINRA. According to the FINRA sanction:
“Without admitting or denying the findings, Duval consented to the sanction and to the entry of findings that he converted approximately $130,000 from elderly customers for his own personal use. The findings stated that Duval convinced the elderly customers to establish and maintain brokerage accounts at a FINRA member firm, away from his employer member firms. Duval used the customers’ login credentials to access these accounts and wrote himself checks without their knowledge or authorization. Duval deposited these checks into his personal checking account and then transferred some of these funds into his personal brokerage account.”
For a copy of the FINRA sanction, click here
According to publicly available records released by FINRA, on May 24, 2019, Roger Duval was the subject of a regulatory enforcement proceeding in the state of Washington. According to the summar order “Roger Allan Duval, S-19-2683-19-TO01 – Summary Order. On May 24, 2019, the Securities Division entered a Summary Order to Suspend Registrations and Notice of Intent to Enter an Order to Revoke Registrations, Deny Future Registrations, Impose Fines, and Charge Costs against Roger Allan Duval. The Summary Order alleges that between June 2017 and April 2019, Duval made unauthorized withdrawals totaling $246,400 from three Washington resident brokerage accounts. Duval misappropriated the funds by depositing them into a credit union account under his control. Two of the accounts are held by elderly residents, and one account was owned by a deceased resident, which Duval withdrew funds from soon after the resident’s death in 2017. The Summary Order suspends Duval’s investment adviser representative and securities salesperson registration and gives notice of the Securities Division’s intent to enter an order to revoke Duval’s securities registrations in Washington, to deny future securities registration applications by Duval, and to impose fines and costs. The Respondent has a right to request a hearing on the Summary Order.”
Elder financial abuse is a growing trend in the financial serviced industry due to the aging baby boomer population. It is estimated that by 2030, baby boomers will control nearly $26 trillion in assets, which inherently creates opportunity for misconduct. The federal government and states have enacted enhanced legislation to address this issue but there is still a lot of work to be done.
In addition, to the above Roger Duval was the subject of two customer complaint disclosure alleging sales practice misconduct. The complaint alleged the following:
• March 2020—”Customer Alleges the rep did not fully disclose all the facts regarding investment objectives and misappropriated funds.” The claim was denied.
• October 2000—”CUSTOMERS ALLEGED USE OF OPTIONS IN THEIR ACCOUNTS WERE UNSUITABLE. TIME FRAME WAS FROM FEBRUARY 1996 THROUGH AUGUST 1998. CUSTOMERS REQUESTED THE USE OF OPTIONS AND SIGNED ALL APPROPRIATE DOCUMENTS ATTESTING TO SUITABILITY. SETTLEMENT AND COMPLAINT OCCURRED AFTER MY TERMINATION SO I WAS NOT INFORMED OF THE SETTLEMENT AMOUNT.” The matter settled for $60,000.
For a copy of Roger Duval’s CRD, click here
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 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. We can be reached at 800.931.8452 or by email at email@example.com.