INVESTORS: Former Transamerica Financial Advisors broker Mark Smith was barred by FINRA following refusal to appear for testimony in connection with investigation.
Mark Smith (CRD: 5776360) was registered as a broker with Transamerica Financial Advisors from 2012 until 2021. Previously, Smith was registered as a broker with World Group Securities from 2011 until 2012.
Smith has five disclosures on his BrokerCheck report. Two customer disputes filed against Smith were closed with no action taken.
March 2022 Customer Dispute
Allegations: Claimants allege that representative approached her them about the potential to invest in a crypto deal. Claimants invested $77000 and was supposed to receive her funds back from rep by Feb 22, 2021. Claimants have only been able to retrieve $5,000 of their funds back from the representative.
Damage Amount Requested: $72,000.00
January 2022 Regulatory Judgment
Initiated By: FINRA
Allegations: Without admitting or denying the findings, Smith consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation that originated from an amended Form U5 filing submitted by his former member firm. The findings stated that the firm submitted the Form U5 disclosing that it received information of Smith’s possible involvement in an unauthorized transaction in a client’s personal checking account. Although Smith initially cooperated with FINRA’s investigation, he ceased doing so.
Resolution: Acceptance, Waiver & Consent (AWC)
Bar: Bar (Permanent)
Registration Capacities Affected: All Capacities
Start Date: 1/26/2022
July 2021 Employment Separation After Allegations
Firm Name: Transamerica Financial Advisors, Inc.
Termination Type: Voluntary Resignation
Allegations: Firm received information of representative’s possible involvement in an unauthorized transaction in a client’s personal checking account.
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