Thomas Gerald Recck, a former broker at New York, New York based MetLife Securities, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he consented to the described sanction and to the entry of the Financial Industry Regulatory Authority's findings that he converted funds from an account he serviced for personal use. Mr. Recck was the treasurer of a non-profit organization that maintained an account that he serviced at his firm. Mr. Recck transferred approximately $80,000 from the organization's firm brokerage account to one of the organization's bank accounts. Mr. Recck then converted a total of approximately $140,000 in funds from that bank account and another organization bank account for his personal benefit. FINRA stated that Mr. Recck failed to appear for a FINRA on-the-record interview and indicated that he would not cooperate with FINRA's investigation by providing testimony. Mr. Recck, of Wethersfield, Connecticut, was barred from association with any FINRA member in any capacity.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to alleged illegal acts such as those alleged against Mr. Recck can bring forth claims to recover losses against broker-dealers like MetLife Securities, which should have prevented Mr. Recck from committing the above described conduct.
Have you suffered losses in your MetLife Securities account due to similar misconduct by your broker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against MetLife Securities stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.
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