Stockbroker Gabriel N. Smith Sanctioned by Regulators; Attorneys Investigating
Gabriel N. Smith, a stockbroker, was barred from the securities industry after securities regulators looked into Smith’s alleged misconduct involving the conversion of his customer’s funds. Smith was registered with MML Investor Services, LLC and provided investment services for customers.
In June 2011, Smith recommended to one of his customers to invest in a short-term municipal bond that Smith indicated would guarantee a 15% return and the customer gave Smith a personal check that was payable to Smith for $20,000 to purchase the bond, according to the Financial Industry Regulatory Authority (FINRA).
In September 2011, Smith contacted the customer to extend the life of the initial investment bond investment and add a bonus interest payment to any subsequent investment and the customer wrote Smith a second personal check for $30,000, according to FINRA. The customer wrote Smith two additional personal checks in December 2011 and January 2012 for $100,000 and $50,000, respectively.
In October 2012, Smith gave the customer a personal check for $282,273.51 that contained the notation “payment for return of money” and was drawn on an account that Smith purportedly held at a local bank, according to FINRA. When the customer presented the check for payment, the bank dishonored the check and stated the account the check was drawn on was closed. Smith never invested the customer’s funds and did not return any portion of the customer’s investment.
Gabriel Smith customers who believe they may have lost money invested with Smith may contact the securities practice lawyers at the Peiffer Wolf law firm, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, toll free at 585-310-5140 or via email at firstname.lastname@example.org.