A pending investor complaint against Ameriprise Financial Services brokers and investment advisers Bob Hartland (CRD# 2253564) and Kristine Hartland (CRD#...Read More
Floyd Powell Barred: Woodbridge Note Allegations Against Former MML, MSI Broker
A disciplinary action taken by the Financial Industry Regulatory Authority against former Albertville, Alabama broker Floyd Powell (CRD# 2220029) barred him over allegations he participated in undisclosed private securities transactions involving Woodbridge Group of Companies promissory notes. A former representative of MML Investors Services and MSI Financial, Powell was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2018058504901) dated February 2019, Floyd Powell sold $3,491,707 in promissory notes connected to the Woodbridge Group of Companies, “a purported real estate investment funds,” between July 2016 and December 2017. FINRA’s findings state that he sold the notes to 13 investors, and that 11 of the 13 were customers of his member firms, MML Investors Services and MSI Financial. FINRA’s findings go on to state that Powell received commissions of $103,598 connected to these alleged private securities transactions, and that Woodbridge filed for Chapter 11 bankruptcy on December 4, 2017. They also note that he did not give his member firm prior notice of the transactions, nor receive the firm’s approval. FINRA found that these activities constituted violations of Rules 3280 and 2010. As a result of the foregoing alleged conduct, he was barred from association with any FINRA member in any capacity.
Floyd Powell’s disclosure records also include several settled or pending customer complaints against him.
A pending 2018 complaint alleges that as a representative of MSI Financial Services, he recommended investments in unregistered and fraudulent programs which he failed to disclose material facts about and falsely represented. The complaint alleges damages of $3,169,727.
A 2019 complaint against Floyd Powell alleged that as a representative of MSI Financial Services, he recommended investments in unregistered and fraudulent investment programs, falsely represented the investments and failed to disclose material facts about them. The complaint reached a settlement of $25,000.
A 2018 complaint alleged that as a representative of MSI Financial Services, he made inappropriate investment recommendations and transaction. The complaint reached a settlement of $17,455.10.
Another 2018 complaint alleged that as a representative of MSI Financial Services, he recommended investments in an “unregistered and fraudulent investment program.” The complaint reached a settlement of $139,000.
Floyd Powell is not currently registered as a broker or investment advisor. His employment history includes MML Investors Services and MSI Financial in Albertville, Alabama, and Metropolitan Life Insurance Company in Birmingham, Alabama. He currently holds no state licenses and has passed three securities industry qualification examinations.