Jeffrey Alan Stewart (CRD# 4178470) has been accused of converting $54,000
from his customers, impersonating a customer in order to withdraw the
money, and failing to comply with FINRA when they requested information
in connection with an investigation.
FINRA began its investigation into Stewart’s conduct in January 2013,
when MML disclosed a customer complaint against Stewart, which accused
him of converting customer funds. MML disclosed yet another customer complaint
a month later, which accused him of misrepresenting facts regarding variable
annuity investments and forging signatures on applications.
Stewart entered the securities industry in 2000, but his alleged misconduct
did not occur until 2009 when he became associated with Valic. Stewart’s
customers, a husband and wife, from a previous firm transferred their
accounts to Valic to keep Stewart as their advisor. Allegedly, after Stewart
had left Valic for MML, he called Valic impersonating the husband and
requested a transfer of funds from the couple’s securities account at Valic.
In February 2012, the wife called Stewart requesting $30,000 from the joint
securities account. Allegedly, Stewart called Valic to request the $30,000,
but also instructed Valic to sell a security without the couple’s
authorization. About a week later, Stewart allegedly called Valic again
to request a $30,000 check, this time, without the couple’s knowledge
or authorization. Stewart allegedly called the couple, saying that Valic
had sent the second check in error, met with them to pick it up, said
he would redeposit it back into their joint account, but instead had his
wife cash it. The remainder of Stewart’s alleged misconduct is detailed in
Stewart has since been barred from the securities industry by FINRA. If
you or someone you know invested with Jeffrey Alan Stewart, formerly with
Valic Financial Advisors and MML Investors Services, then we invite you
to contact us today for a free review of your case. Let the investment
fraud lawyers at Meyer Wilson explain your legal rights and options.