FLOYD POWELL Formerly With MML Barred by FINRA in Woodbridge $1.2 Billion Ponzi

FLOYD EARL POWELL (FLOYD POWELL) CRD#: 2220029 was barred on February 13, 2019, by the Financial Industry Regulatory Authority Inc. (FINRA) from acting as a broker or otherwise associating with a broker-dealer firm for allegedly selling nearly $3.5 million of promissory notes relating to the Woodbridge Group of Companies, a purported real estate investment fund that turned out to be a $1.2 billion Ponzi scheme.  According to FINRA, these unapproved private securities transactions were sold between July of 2016 and December of 2017.
In December of 2017, Woodbridge declared bankruptcy and shortly after the SEC charged Woodbridge with running a Ponzi scheme.  The Woodbridge sales agents had been registered at various broker/dealers.
Without admitting or denying FINRA’s findings, FLOYD POWELL consented to the sanction and to the entry of findings that he allegedly engaged in private securities transactions totaling approximately $3.49 million without providing notice to his member firms prior to participating in these private securities transactions, nor did he obtain approval from them.
FINRA’s findings stated that Powell allegedly solicited investors to purchase promissory notes relating to the Woodbridge Group of Companies LLC to 13 investors, 11 of whom were clients of his associated firms. Powell received a total of $103,598 in commissions in connection with these transactions. Later, Woodbridge filed a voluntary Chapter 11 bankruptcy petition.
According to FINRA’s BrokerCheck, FLOYD POWELL has five Disclosures on his report.  Four of the Disclosures are “Customer Disputes” all dated from 2018. One of those Disputes is requesting damages of $3,169,727.00
FLOYD POWELL was registered in the securities industry for 25 years and had been listed with 3 firms, the most recent listed below:
03/25/2017 - 02/05/2018  MML INVESTORS SERVICES LLC - ALBERTVILLE, AL
03/16/1992 - 03/25/2017  MSI FINANCIAL SERVICES INC - ALBERTVILLE, AL
MSI Financial Services Inc. was formerly known as MetLife Securities Inc.  In March of 2017, MSI merged with MML Investors Services Inc.
If you were a victim of the alleged Woodbridge Ponzi scheme and invested through former MML of Albertville, Alabama, broker FLOYD POWELL or any other broker/dealer, contact Soreide Law Group at no cost and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis—no fee to you if no recovery.