Jeffrey Alan Stewart (CRD# 4178470) has been accused of converting $54,000 from his customers, impersonating a customer in order to withdraw the money, and failing to comply with FINRA when they requested information in connection with an investigation.
FINRA began its investigation into Stewart’s conduct in January 2013, when MML disclosed a customer complaint against Stewart, which accused him of converting customer funds. MML disclosed yet another customer complaint a month later, which accused him of misrepresenting facts regarding variable annuity investments and forging signatures on applications.
Stewart entered the securities industry in 2000, but his alleged misconduct did not occur until 2009 when he became associated with Valic. Stewart’s customers, a husband and wife, from a previous firm transferred their accounts to Valic to keep Stewart as their advisor. Allegedly, after Stewart had left Valic for MML, he called Valic impersonating the husband and requested a transfer of funds from the couple’s securities account at Valic.
In February 2012, the wife called Stewart requesting $30,000 from the joint securities account. Allegedly, Stewart called Valic to request the $30,000, but also instructed Valic to sell a security without the couple’s authorization. About a week later, Stewart allegedly called Valic again to request a $30,000 check, this time, without the couple’s knowledge or authorization. Stewart allegedly called the couple, saying that Valic had sent the second check in error, met with them to pick it up, said he would redeposit it back into their joint account, but instead had his wife cash it. The remainder of Stewart’s alleged misconduct is detailed in FINRA’s decision.
Stewart has since been barred from the securities industry by FINRA. If you or someone you know invested with Jeffrey Alan Stewart, formerly with Valic Financial Advisors and MML Investors Services, then we invite you to contact us today for a free review of your case. Let the investment fraud lawyers at Meyer Wilson explain your legal rights and options.