Corporate & Securities Law

Attorneys at SNSFE are investigating a broker who misappropriated almost $400,000 from a 97-year-old widow and her charitable foundation.  According to FINRA, the Financial Industry Regulatory Authority, it has charged registered representative John Edward Mullins, of Margate, NJ, with misappropriating almost $400,000 from a 97-year-old nursing home resident who was a Mullins' client for more than 20 years, as well as from her charitable foundation.  The customer has recently passed away.  Broker Kathleen Maria Mullins, John Mullins' wife, was also charged with wrongdoing. 

In addition to misappropriation, FINRA charged John Mullins with attempting to misappropriate funds from his employer relating to improper expense submissions, accepting an unauthorized $100,000 loan from the client, and making misstatements on his firm's annual compliance questionnaires and Form U4 in an apparent effort to conceal his officer and trustee status with the charitable foundation.  Kathleen Mullins was charged with accepting a loan from the customer and making misstatements on her Form U4 and annual compliance questionnaires.  In addition, both were charged with failure to adhere to high standards of commercial honor and just and equitable principles of trade.

The couple worked at Morgan Stanley from 2002 through 2006 then went to Multi-Financial Securities Corporation and on to NEXT Financial Group, terminating association with that firm in February of 2008.  Those with information about the Mullins pair should contact attorneys at SNSFE about these customers or any other customers who have been abused.

Source:  FINRA.org