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David Gibbs: MML Fires Wayne Advisor over Loan Allegations
Wayne, Pennsylvania financial advisor David Gibbs (CRD# 2917334) was recently fired by MML Investors Services in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is currently registered as a broker with J. Alden Associates.
Mr. Gibbs’ BrokerCheck report discloses his termination from MML Investors Services. Filed in August 2023, the disclosure states that the firm fired him in connection with allegations that he violated firm policy “with respect to obtaining a loan from a customer.”
A comment on the disclosure states that he was fired “when it was discovered that he had entered into a private loan transaction with a long-time friend who was a client.” The comment explains further: “The client had received funds that she wanted to use to generate income not tied to the stock market and mentioned her interest in loaning the funds out and receiving monthly income payments in return.” Mr. Gibbs allegedly “suggested that she loan the funds to him in a transaction secured by property that he owned,” it adds, and “has been making regular payments on the loan ever since.”
According to the Financial Industry Regulatory Authority, David Gibbs holds 26 years of securities industry experience. Based in Wayne, Pennsylvania, he has been registered as a broker with J. Alden Associates since November 2023. His past registrations include MML Investors Services (Newtown Square, Pennsylvania; 2017-2023), MSI Financial Services (Newtown Square, Pennsylvania; 2015-2017), and New England Securities (Newtown Square, Pennsylvania; 1997-2015). His credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. (Information current as of November 13, 2023.)
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