MetLife Securities

MetLife Securities, Inc. was licensed as a brokerage firm in 1983. To create benefits for policyholders while alive, insurance companies long ago linked savings to life insurance. To later compete with growing interest in the stock market, variable life and variable annuity policies – mutual funds in insurance wrappers – were created. Because regulators required securities licenses to market these products, insurance companies, including MetLife, formed securities subsidiaries and licensed insurance agents to also sell variable products and mutual funds. Since 1983, MetLife has acquired Nathan & Lewis Securities, Inc., New England Securities, Walnut Securities, Inc. and State Street Research & Management Company (later sold).

 

MetLife Units Fined for Trading & Email Violations

The NASD fined MetLife’s securities subsidiaries $5 million for their role a scandal over late-trading in mutual funds. Included were MetLife Securities, New England Securities and Walnut Street Securities. Late-trading involves buying and selling mutual fund shares after the market closes at prices set on the close, giving traders the advantage of knowing events and after-hours trading prices on shares of stock owned by the funds.

 

MetLife Defrauds Georgia Sheriff’s Department

Metropolitan Life Insurance Co. (MetLife) paid a $250,000 fine and agreed to a cease-and-desist order to settle allegations it failed to supervise one of its agents. A MetLife agent was charged by the SEC with defrauding the Fulton County Sheriff’s Office. The SEC found that the MetLife agent sent bogus account statements to the Sheriff’s Office. The SEC also found that MetLife hired the agent despite repeated violations and ongoing compliance concerns, and that MetLife permitted the representative to work at an offsite location, without a supervisor present.
MetLife was charged with failing to supervise the agent. Metropolitan Life Insurance Co. paid a $250,000 fine.

If you suffered investment losses, please contact us or communicate with a Dimond Kaplan & Rothstein, P.A. attorney at 888-578-6255 or jkaplan@dkrpa.com for a free case evaluation.

1.888.578.6255
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Miami Office
Grand Bay Plaza
2665 S. Bayshore Drive
Penthouse 2B
Miami, FL 33133
Telephone: 786.628.8236


Los Angeles Office
Available by Appointment
2029 Century Park East
Century Plaza Tower
Suite 400N
Los Angeles, CA 90067
Telephone: 424.544.7930


 New York City Office
Available by Appointment
14 Wall St, 20th Floor
New York, NY 10005
Telephone: 917.382.5217


West Palm Beach Office
Northbridge Centre
515 N. Flagler Drive, Suite P-300
West Palm Beach, FL 33401
Telephone: 561.475.2887


Detroit Office
41000 Woodward Avenue,
Suite 350 East
Bloomfield Hills, Mi 48304
Telephone: 248.368.0182