Malcolm J. Babin (CRD# 5387332), formerly registered with PFS Investments,
was recently barred from the securities industry. Babin
accepted and consented to FINRA’s findings that he failed to provide information in connection
with an investigation into claims that he misappropriated his customers’
money and participated in outside business activity. Meyer Wilson is currently
looking into these accusations.
Babin is relatively new to the securities industry, entering it in 2007
when he became registered with PFS Investments. According to FINRA, Babin
was voluntarily discharged from PFS in 2008 and remained unaffiliated
with any FINRA member firm until August 2009 when he rejoined PFS.
On May 13, 2015, PFS filed a termination notice with FINRA again discharging
Babin from the firm. FINRA opened an investigation into Babin’s
discharge from PFS in July 2015 based on allegations that he converted
his customers’ funds and participated in outside business activities
for which he did not disclose nor get approval.
Babin refused FINRA’s request for documents and information in connection
with its investigation, which is a violation of securities industry regulations.
He was barred from associating with any FINRA member in last month.
If you invested with Malcolm J. Babin, formerly with PFS Investments, and
you lost money, we invite you to contact one of the broker fraud lawyers
at Meyer Wilson today for a
free review of your case.