Amanda Yvonne Berry, Formerly of MML Investors, Barred by FINRA Following Failure to Respond to Request for Information

INVESTORS: Former MML Investors broker Amanda Yvonne Berry was barred by FINRA following a failure to respond to FINRA’s request for information.

Amanda Yvonne Berry (CRD: 5651609) was registered as a broker with MML Investors, where she was employed from 2019 until 2020. Berry was previously registered as a broker with NY Life Securities from 2010 until 2017.

Berry has ten disclosures on her BrokerCheck report. 

April 2022 Customer Dispute

Status: Settled

Allegations: The complainants allege that, beginning in 2019, the representative recommended that they invest in a conservative fund that wouldn’t lose money. At the instruction of the representative, they they wrote checks to Icon Financial to purchase this new investment. Since then, the complainants allege that they haven’t been able to access this money, that they had to take a loan out because of this, and that that the representative has stolen their money.

Damage Amount Requested: $99,333.18

Settlement Amount: $82,967.79

January 2022 Customer Dispute

Status: Settled

Allegations: The complainant alleges that their registered representative and the registered representative’s spouse misused money that was withdrawn from their fixed annuity, which was to be invested with them, beginning as early as January 09, 2018.

December 2021 Customer Dispute

Status: Settled

Allegations: The complainants allege that beginning on or around March 2020, they wrote checks to their registered representative, with the belief that the money was to be invested, but later learned, the money was deposited into a checking account controlled by the registered representative and their spouse. The complainants are seeking damages of $72,478.53.

Damage Amount Requested: $72,478.53

Settlement Amount: $72,478.53

March 2021 Regulatory Judgment

Status: Final

Initiated By: FINRA

Allegations: Respondent Berry failed to respond to FINRA request for information.

Resolution: Letter

Bar: Bar (Permanent)

Registration Capacities Affected: All Capacities

Duration: Indefinite

Start Date: 7/6/2021

Regulator Statement: Pursuant to FINRA Rule 9552(h) and in accordance with FINRA’s Notice of Suspension and Suspension from Association letters dated March 30, 2021 and April 23, 2021, respectively, on July 6, 2021, Berry is barred from association with any FINRA member in all capacities. Berry failed to request termination of her suspension within three months of the date of the Notice of Suspension; therefore, she is automatically barred from association with any FINRA member in all capacities.

February 2021 Regulatory Judgment

Status: Final

Initiated By: Oklahoma Department of Securities

Allegations: Respondent willfully engaged in an act, practice, or course of business that operated as a fraud on here clients and engaged in ethical practices in the securities industry

Resolution: Letter

Bar: Bar (Permanent)

Registration Capacities Affected: All Capacities

Duration: Permanent

October 2020 Customer Dispute

Status: Settled

Allegations: The complainant alleges that in 2019, the rep made material misrepresentations about the complainant’s accounts for the purpose of having the complainant move her funds to an account that was owned by the rep and her husband. It is further alleged that the rep replaced the complainant’s life insurance policy without proper disclosure and created fake bank statements for the purposes of deceiving the complainant’s mortgage company in regard to these investment accounts.

Damage Amount Requested: $173,088.23

Settlement Amount: $131,607.39

October 2020 Employment Separation After Allegations

Firm Name: MML Investors Services LLC

Termination Type: Discharged

Allegations: Undisclosed outside business activities involving the comingling of customer funds in an account controlled by the registered representative.

April 2018 Customer Dispute

Status: Settled

Allegations: Client alleges that he did not authorize the purchase of hte policy and that his signature was forged.

Settlement Amount: $23,525.06

September 2017 Employment Separation After Allegations

Firm Name: NYLife Securities LLC

Termination Type: Voluntary Resignation

Allegations: Ms. Berry resigned after a review of her business identified that in 2012 her future spouse was named as the owner and beneficiary on a life insurance policy eight months before the insured/former owner of the policy passed away. At that time, Ms. Berry was the servicing agent on the policy in question. In September 2013, the death benefit was paid to Ms. Berry’s future spouse. The deceased insured’s wife claimed that neither she nor her husband authorized or signed any transfer of ownership forms.

September 2017 Customer Dispute

Status: Settled

Allegations: The deceased insured’s wife claimed that neither she nor her husband authorized or signed any transfer of ownership forms submitted in November 2012. Ms Berry was the servicing agent on the policy in question. In September 2013. the death benefit was paid to Ms. Berry’s future spouse who was named as the owner and beneficiary eight months before the insured/former owner of the policy passed away

Settlement Amount: $90,854.00

The Sonn Law Group is currently investigating allegations surrounding Amanda Yvonne Berry. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.