February 23, 2017
On February 6, 2017, the Securities and Exchange Commission (SEC) accepted, in an Order Making Findings and Imposing Remedial Sanctions (Order), former broker Aaron Kazinec’s Offer of Settlement regarding allegations of security industry rule violations. Kazinec was associated with MetLife Securities Inc. located in Ft. Lauderdale, Florida from March 2007 through December 2012.
According to Kazinec’s FINRA (Financial Industry Regulatory Authority) BrokerCheck Report, FINRA permanently barred Kazinec from associating with any FINRA member firm after he allegedly offered various non-securities fixed annuity investments to four insurance customers and used their investment funds, totaling $745,250, for his personal use. For this misconduct, Kazinec is currently incarcerated in Miami, Florida, after he pled guilty on July 15, 2014, to one count wire fraud. He was sentenced to 55 months followed by three years parole, and ordered to make restitution totaling $1,391,250.
Based on the foregoing, the SEC issued the Order to impose sanctions, including a bar from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, nationally recognized statistical rating organization, and from participating in any offering of a penny stock.
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