MetLife Securities, Inc. is a licensed broker-dealer subsidiary of MetLife. MetLife, founded in 1868, is the largest life insurer in the United States. MetLife Securities was established in 1983 and provides investment, brokerage and advisory account services. Registered in all 50 states and Puerto Rico, MetLife Securities primarily serves high-net worth families, business owners and professionals. MetLife Securities is located in New York City.
A securities brokerage firm licensed by FINRA, MetLife Securities, Inc. has a legal duty to supervise its brokers and its brokers’ recommendations to clients to ensure compliance with and prevent violations of the rules of the security industry. When an individual broker is negligent or acts in an unlawful manner against the interests of the client and that client suffers damages as a result of such wrongdoing, the firm may be held liable for the investor losses.
MetLife Securities, Inc Investment Fraud and Misconduct
MetLife Securities does have financial misconduct in its history and the history of some of its brokers. For example, some years back the brokerage firm was fined $5 million by the NASD (now a part of FINRA) for providing false and misleading information. This inaccurate and misleading information was not given directly to investors, but rather to NASD. According to this complaint, three MetLife Securities firms (New York, New England and St. Louis) lied to NASD to cover their late trading, late email correspondences and various other conduct in violation of NASD regulations.
Just a few months later, NASD fined MetLife $500,000 over supervisory violations in college savings plan sales. MetLife Securities’ New York firm was not only fined, but required by the NASD to pay back customers for their losses caused by those supervisory failures. This is a prime example of brokerage firms that offer unsuitable investments, investments that benefit the broker and firm but that can disadvantage the investor.
In 2009, FINRA fined MetLife Securities and three of its affiliate firms $1.2 million for email supervision failures. At the time FINRA issued the fine, there was an ongoing investigation into possible MetLife Securities broker misconduct. Failure to supervise, in these instances, allowed MetLife brokers to go undetected while conducting private securities transactions.
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