Floyd Powell, a Former MML Broker, Allegedly Made Sales of Nearly $3.5 Million of Promissory Notes of the Purported Woodbridge Ponzi Scheme
Floyd Powell, a former MML broker, allegedly sold nearly $3.5 million of promissory notes connected to the Woodbridge Group of Companies, according to Reports from FINRA under review by investor rights attorney Alan Rosca.
The Woodbridge Group of Companies was purportedly a real estate investment fund that in reality was a $1.2 billion Ponzi scheme, FINRA notes.
Floyd Powell allegedly made the unapproved private securities transactions between July 2016 and December 2017, FINRA reports, and Powell allegedly took in $104,000 in commissions from said transactions.
Woodbridge declared bankruptcy in December of 2017 and weeks later the SEC purportedly charged the company with running an enormous Ponzi scheme, FINRA notes.
Securities attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Floyd Powell’s alleged unapproved private securities transactions. Investors who believe they may have lost money in activity related to Floyd Powell’s alleged unapproved private securities transactions are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Floyd Powell Allegedly Sold Woodbridge Notes to 13 Investors, 11 of Whom Were Purportedly Customers of MML or MSI; Powell Barred by FINRA
Floyd Powell allegedly sold the aforementioned Woodbridge notes to 13 investors, 11 of whom were customers of MML or MSI, FINRA states, and he allegedly did not provide notice to the broker-dealers prior to selling the securities.
Powell first worked at MSI Financial Services Inc., which was formerly known as MetLife Securities Inc., FINRA notes, and MSI merged with MML Investors Services Inc. in March of 2017 wherein Powell was reportedly registered through last February.
MML then publicly reported that it had terminated the employment of Powell, FINRA notes, and Powell was barred by FINRA. Powell reportedly consented to the settlement without admitting to or denying FINRA’s findings, FINRA notes.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints mentioned in this article, unless otherwise indicated.
Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related misconduct and are currently investigating Floyd Powell’s alleged unapproved private securities transactions. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Floyd Powell’s alleged unapproved private securities transactions may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.