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FINRA Bars Broker Roger Duval After Elder Financial Abuse

Roger Duval (Roger Allen Duval CRD#: 2503718) is a former registered broker and investment advisor whose last known employer was Pruco Securities, LLC. (CRD#:5685) of Bellevue, WA.  His previous employers include MML Investors Services, LLC (CRD#:10409) and MSI Financial Services, Inc. (CRD#:14251) both of Spokane, WA, and Allstate Financial Services, LLC (CRD#:18272) of Liberty Lake, WA.  He has been in the industry since 1994. Duval is the subject of nine disclosures. A recent client dispute filed on 9/11/2020 alleges that Duval borrowed an unspecified amount of money in March of 2018, and has failed to pay it back. Beginning in January of 2019, Duval made “unspecified unsuitable recommendations,” and began making unauthorized transfers away from the firm without the knowledge and consent of the client. This case is currently “pending,” and no requested damages are noted. On 3/2/2020, a different client dispute alleges that Duval misappropriated funds, and failed to fully disclose facts regarding the client’s investment objective. This claim was denied. No further information is available.Roger Duval (Roger Allen Duval CRD#: 2503718) is a former registered broker and investment advisor whose last known employer was Pruco Securities, LLC. (CRD#:5685) of Bellevue, WA.  His previous employers include MML Investors Services, LLC (CRD#:10409) and MSI Financial Services, Inc. (CRD#:14251) both of Spokane, WA, and Allstate Financial Services, LLC (CRD#:18272) of Liberty Lake, WA.  He has been in the industry since 1994.

Duval is the subject of nine disclosures. A recent client dispute filed on 9/11/2020 alleges that Duval borrowed an unspecified amount of money in March of 2018, and has failed to pay it back. Beginning in January of 2019, Duval made “unspecified unsuitable recommendations,” and began making unauthorized transfers away from the firm without the knowledge and consent of the client. This case is currently “pending,” and no requested damages are noted.

On 3/2/2020, a different client dispute alleges that Duval misappropriated funds, and failed to fully disclose facts regarding the client’s investment objective. This claim was denied. No further information is available.

Elder Financial Fraud

On 5/24/2019, The State of Washington Securities Division issued a Summary Order against Roger Duval to:

  • Suspend Registrations
  • Notice of Intent to Enter an Order to Revoke Registrations
  • Deny Future Registrations
  • Impose Fines
  • Charge Costs

Duvall made unauthorized withdrawals from three brokerage accounts of Washington state residents. These actions occurred from June 2017 through April 2019, totaling $246,400. He withdrew funds from one of the accounts shortly after the accountholder died.

The Summary Order suspended Duval’s securities registrations and gave notice that they would also be revoked. Additionally, fines would be imposed and any future applications would be denied.

The FINRA Investigation Into Roger Duval And Elder Financial Abuse

It’s a crime that frequently goes unreported, but is increasing among America’s elderly population. Elder financial abuse can take many forms, but is generally a fraudulent action that deprives an elderly individual of their financial resources. The AARP also offers advice on preventing this type of abuse. In this case, a registered representative appropriated assets for the purpose of improperly converting the funds.

FINRA’s investigation found that Duvall withdrew funds from three elderly customers totaling $130,000 from June 2017 through April 2019 for the purpose of conversion. Duvall was associated with MML first, then Pruco.

The intentional misrepresentation began in June of 2013, when Duval convinced his three elderly customers to open brokerage accounts at a different member firm. These accounts were away from those of his employers.

During the 2017-2019 time frame, he used their login credentials to access the funds, transfer some to his personal brokerage account. He also wrote checks to himself, which he deposited in his personal checking account, then transferred to his personal brokerage account.

Duval signed an Acceptance, Waiver & Consent (AWC) letter on 9/10/2020, and FINRA indefinitely suspended Duval on 9/18/2020.

Duval also has four disclosures in the form of tax liens, which total $108,394.78. Two were issued in 2011, one in 2013, and one in 2014.

Securities Arbitration Lawyers

Our securities and investment fraud attorneys have handled hundreds of stockbroker misconduct cases representing investors in FINRA arbitration claims and other disputes. FINRA arbitration, commonly referred to as securities arbitration, is a way most stockbroker misconduct cases are resolved. The SEC mandates that all brokerage firms submit customer disputes to arbitration. Customer new account agreements typically require the customer to also agree to the process.

The FINRA code of arbitration dictates the procedure which is intended to be faster and cheaper than going to court. Our attorneys have recovered millions of dollars for investors and are fully familiar with the unique language and requirements of the code of arbitration.

Our attorneys are admitted in New York and Florida and represent investors nationwide. Scott Silver, has written numerous articles on the FINRA arbitration process and frequently lectures young lawyers at conferences and law schools around the nation about the securities arbitration process. If you are looking for a FINRA arbitration attorney or believe you are the victim of securities or investment fraud, our attorneys are happy to consult with you at no cost to discuss your options.

Did You Or A Loved One Engage Or Invest With Roger Duval?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.

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