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Regulation and Compliance > Federal Regulation > FINRA

MetLife manager fined and suspended in FINRA life settlement case (Forbes)

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For the purpose of proposing a settlement of rule violations alleged by the Financial Industry Regulatory Authority (FINRA), without admitting or denying the findings, William F. Weiss submitted a Letter of Acceptance, Waiver and Consent (AWC), which FINRA accepted. During the relevant period of 2005 to September 2008, Weiss was a managing director and branch office manager of The Weiss Group, a Metlife Securities office of supervisory jurisdiction. The AWC alleges two registered representatives improperly engaged in life settlement transactions without the firm’s knowledge or prior approval. The AWC further alleges Weiss knew of the transactions and took no steps to bring it to the firm’s attention. In accordance with the terms of the AWC, Weiss received a $10,000 fine and a six-month suspension in a principal capacity.