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Barred Broker: Former Metlife Securities Inc. Financial Advisor James Kolf

Posted on Thursday, July 20th, 2017 at 9:07 am    

Erez Law is currently investigating former Metlife Securities Inc. financial advisor James Kolf (CRD# 1015682) regarding unsuitable investment recommendations. Kolf was registered with NYLIFE Securities LLC in Madison, Wisconsin from May to August 2016. Previously, he was registered with Metlife Securities Inc. in Middleton, Wisconsin from January 2015 to May 2016, and with New England Securities in Middleton, Wisconsin from 2009 to 2015.

In September 2016, “Kolf consented to the sanction and to the entry of findings that he willfully violated Section 10(b) of the Securities Exchange Act of 1934, Rule 10b-5 thereunder, and FINRA Rules 2020 and 2010 by making material misrepresentations and omissions in the sale of at least $588,000 in purported securities to customers of his employing member firm. The securities, however, were not genuine and Kolf converted the customers’ funds to pay for his own business and personal expenses. The findings stated that in furtherance of the fraud, Kolf also created and distributed falsified account statements to his customers reflecting their interests in the fake investments,” according to the Acceptance, Waiver & Consent (AWC). FINRA barred Kolf from acting as a broker or otherwise associating with firms that sell securities to the public.

Kolf has been the subject of six customer complaints between 2016 and 2017, three of which were denied, according to his CRD report:

December 2016. “Customer alleged the former advisor’s recommendation to purchase a variable life insurance policy in August 2013 was not appropriate. Customer has alleged damages for a refund of all premiums paid as noted below.” The customer is seeking $54,701 in damages and the case is currently pending.

December 2016. “Customers alleged the advisor misrepresented the benefits of transferring funds, held at another firm, into new variable annuities, in February 2014. No specific compensatory damages were alleged.” The case was settled for $9,286.89.

November 2016. “Complainant alleged the former advisor converted funds for personal expenses.” The customer is seeking $29,000 in damages and the case is currently pending.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Metlife Securities Inc. may be liable for investment or other losses suffered by Kolf’s customers.

Erez Law represents investors in the United States for claims against former Metlife Securities Inc. financial advisor James Kolf, who is alleged to recommend unsuitable investments. If you were a client of Metlife Securities Inc. or another firm, and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.