FLOYD EARL POWELL Barred by FINRA

Did you suffer losses due to the recommendations in the Woodbridge Group of Companies from the former broker, now barred by the Financial Industry Regulatory Authority, Inc. (FINRA), from Albertville, Alabama,
FLOYD EARL POWELL (CRD#: 2220029)
Two years ago the alleged $1.2 billion Ponzi scheme, the Woodbridge Group of Companies, collapsed creating devastating losses for investors.  Several brokers sold this product to more than 8,400 retail investors. FINRA claimed this was a huge investment fraud scheme.
Robert Shapiro, the former owner of Woodbridge, and two directors of the real estate investing firm were arrested on federal criminal charges of conspiracy to commit mail and wire fraud. Woodbridge and Shapiro to were ordered to pay $1 billion in penalties and repayments due to the Ponzi-like scheme which filed for bankruptcy and stopped paying investors in December of 2017. A Ponzi scheme uses money from one investor to pay earlier investors.
According to records, Woodbridge investors were allegedly promised a 5% to 10% annual return from investing in promissory notes issued by the firm and told they were low-risk, conservative investments.
According to FINRA, allegedly, FLOYD EARL POWELL of Albertville, Alabama, sold $3,491,707 in Woodbridge notes to 13 investors, 11 of whom were clients of his firms. Powell received a total of $103,598 in commissions in connection with these transactions.
Powell was a registered representative with MSI Financial Services (formerly known as MetLife Securities) in Albertville, Alabama until he left in March of 2017.   FLOYD EARL POWELL was allegedly fired from MML Investor Services in February of 2018.
According to FINRA’s BrokerCheck, FLOYD EARL POWELL has 6 Disclosures on his report, 5 of which are Customer Disputes.  Four of the Customer Disputes have settled and one is pending, the damage amount requested is $3,169,727.00.  Powell was in the securities industry for 25 years and was 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
Were you a victim of the Woodbridge Ponzi scheme?  If you've lost your investment due to FLOYD EARL POWELL or any other broker selling you shares in this scheme, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses at:  888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.