What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: July 7, 2015

Stoltmann Law Offices is investigating Jeffrey Alan Stewart, a former broker with MML Investors Services, who was barred from the industry by the Financial Industry Regulatory Authority (FINRA). Stewart was terminated from MML “in connection with allegations concerning an unauthorized product replacement.” In 2013, MML claimed that Stewart converted customer funds and misrepresented facts regarding variable annuity investments. He also allegedly forged customer signatures on the variable annuity investments. Stewart was also associated with Valic Financial Advisors in Overland Park, Kansas from July 2009 until May 2011. It was in August of 2011 that he joined MML Investors, where he was employed until December 2012.

Mr. Stewart allegedly took a husband and wife’s money with him when he transferred to MML from Valic by impersonating them in telephone conversations. He converted the couple’s funds from the joint account they had at Valic. He allegedly impersonated them on two occasions: one in February 2012 and one in May 2012. In February of 2012, the couple called Stewart to ask him to send them $30,000 from their joint account to their home address. Stewart then called Valic, impersonating the couple, and told the representative to sell a specific security. The client couple had no knowledge of this transaction. That same day, Valic sold the investment for $83,917.49, and Valic mailed the $30,000 check to the couple.

On February 22, 2012, Stewart again called Valic to request that another $30,000 check be issued from the same couple’s joint account. Stewart again impersonated the client on the phone call. He then told the couple another $30,000 had been issued as a result of an error and asked the couple to endorse the check in order for Stewart to deposit it in the joint account. Stewart never deposited the money in the joint account. The same scenario happened on May 18, 2012. For these transgressions, which are against FINRA rules, FINRA barred Jeffrey A. Stewart from the industry.

Besides Valic Financial Advisors and MML Investors, Stewart worked for Investors Brokerage Services, Inc., in Elgin, Illinois from August 2000 until September 2000, Farmers Financial Solutions, LLC., in Iowa City, Iowa from September 2000 until August 2008, and U.S. Bancorp Investments, Inc., in Williamsburg, Iowa from August 2008 until July 2009. He has one customer dispute against him. He is not licensed and is barred from the industry. If you invested money with Jeffrey Alan Stewart, you may be able to sue his former firm, MML Investors, for failing to reasonably supervise him while he was employed there. We are securities attorneys based in Chicago, Illinois, and we help investors sue firms such as MML Investors in the FINRA arbitration process to help them recover their financial losses. Please call us at 312-332-4200 to speak to an attorney. The call is free with no obligation.


The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.


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