On February 13, 2019, a regulatory settlement was issued in which Floyd E. Powell was permanently barred from association with any stockbrokerage firm in any and all capacities. If you are a victim of Mr. Powell, purchasing Woodbridge notes through him, call 303-300-5022 for a free and confidential consultation.
Without admitting or denying the findings, Powell consented to the sanction by FINRA, the Financial Industry Regulatory Authority, and to the entry of findings that he engaged in private securities transactions without providing notice to or obtaining approval from his member firms prior to participating in them.
The findings stated that Mr. Powell solicited investors to purchase promissory notes relating to a purported real estate investment fund. Ultimately, Powell sold $3,491,707 in the notes to investors, many of whom were customers of the securities firms for which Mr. Powell worked. Powell received a total of $103,598 in commissions in connection with these transactions. Later, the fund filed a voluntary Chapter 11 bankruptcy petition.
Powell operated primarily in the Albertville and Birmingham, Alabama areas. He worked for MML Investors, MSI Financial Services, and Metropolitan Life Insurance. He had been a licensed stockbroker since 1992.
The sale of unapproved securities, such as the notes sold by Mr. Powell, is a significant securities violation. Not only is the review by a firm to ensure that the prospects of a company are what the company says they are, brokers often try to circumvent a firms review to allow the sale of a fraudulent investment.