October 20, 2020
FINRA AWC
The Financial Industry Regulatory Authority (FINRA) Department of Enforcement recently approved a Letter of Acceptance, Waiver and Consent (AWC) submitted by Roger Duval, a former general securities representative to resolve allegations that he converted customer funds for personal use.
The alleged misconduct occurred while Duval was associated with MML Investors Services, LLC (MML) in Spokane, Washington from March 2017 to September 2018 and Pruco Securities, LLC in Bellevue, Washington from September 2018 to May 2019. Duval was also associated with MSI Financial Services, Inc. from November 2007 to March 2017 along with many other FINRA member firms since he entered the securities industry in 1994.
According to the AWC, Duval convinced three elderly customers beginning in 2013 to establish and maintain brokerage accounts at a FINRA member firm away from MML and Pruco Securities. FINRA alleges that from June 2017 to April 2019, he used the customers’ login information to access their accounts to write himself checks totaling approximately $130,000 without their knowledge.
Based on the foregoing, Roger Duval violated FINRA Rules 2150(a) and 2010. Without admitting or denying the allegations made against him, Roger Duval consented to a bar from associating from any FINRA member firm in any capacity.
Duval’s FINRA BrokerCheck report reveals that he had numerous tax liens totaling over $50,000 during the time period of this alleged conversion. Duval also has one customer dispute from September 2020 alleging that he solicited a $50,000 investment to be structured as a loan to fund a book publication. The complainants allege Duval defaulted on this loan.