Former Broker Accused of Outside Business Activities

Posted on February 13th, 2015 at 2:20 PM

From the Desk of Jim Eccleston at Eccleston Law Offices:

FINRA accused James O. Maloney, a former broker from Metlife Securities, Inc of outside business activities.  

According to FINRA, between 2004 and 2013, Maloney sold at least 65 equity-indexed annuities totaling $8,284,390 to his investors outside the scope of his employment with Metlife Securities and without providing the firm any notice of the business activity.

In the securities industry, when a broker like James O. Maloney sells investments such as annuities which are not approved by the brokerage firm it is called “selling away”. Brokerage firm may be held liable for losses in those investments to their customers even if the investment itself was not approved.  

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: FINRA, Metlife Securities, Broker, Investment Advisor

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