Darrell Duane Smith Barred from Securities Industry after Receiving Multiple Customer Complaints

Darrell Smith of Mason City, Iowa, worked at Multi-Financial Securities Corporation from 2001 through 2012.  In 2014, FINRA finally suspended Mr. Smith from the securities industry after Smith failed to respond to FINRA’s request for information.  However, Mr. Smith’s employer, Multi-Financial Securities Corporation, is currently the target of multiple FINRA arbitration claims by Mr. Smith’s customers who allege the firm and Mr. Smith misrepresented private placements and Mr. Smith misused client funds.  Additional claims relate to the unsuitable sale of variable annuities.

Multi-Financial Securities Corporation permitted Mr. Smith to resign in March 2012 after a client alleged representative signed a variable annuity application with the client’s consent, in violation of the firm’s policies.

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