Customer alleges unsuitable sale of investment due to improper due diligence.

$125,000.00

$95,000.00

Customer alleges unsuitable sale of investment due to improper due diligence.

$610,000.00

Customer alleges unsuitable investments, churning and failure to properly supervise.

$76,500.00

$55,000.00

Customer alleges unsuitable sale of investment due to improper due diligence.

$165,000.00

Customer alleges unsuitable sale of investment due to improper due diligence.

$50,000.00

$200,000.00

FINRA

Cohen was named a respondent in a FINRA complaint alleging that he converted at least $14,606.94 from his member firm by preparing several false expense reports and submitting them to the firm seeking reimbursement pursuant to the firm's marketing reimbursement program. The complaint alleges that the expense reports were false because the corresponding preapproved client marketing events did not occur and, therefore, Cohen did not incur any costs for the events. Nonetheless, Cohen created false transaction records to evidence the preapproved expenses, submitted at least five of these false records to the firm, and requested reimbursement of approximately 50% of these phantom expenses. The complaint also alleges that Cohen's preparation and submission of false transaction records, in support of false expense reports, cause the firm to maintain inaccurate books and records.

Decision & Order of Offer of Settlement

Bar (Permanent)

All capacities

Indefinite

9/4/2018

Without admitting or denying the allegations, Cohen consented to the sanction and to the entry of findings that he converted at least $14,606.94 from his member firm by preparing several false expense reports and submitting them to the firm seeking reimbursement pursuant to its marketing reimbursement program. The findings stated that the expense reports were false because the corresponding preapproved client-marketing events did not occur and, therefore, Cohen did not incur any costs for the events. Nonetheless, Cohen created false transaction records to evidence the preapproved expenses, submitted at least five of these false records to the firm, and requested reimbursement of approximately 50 percent of these phantom expenses. The findings also stated that Cohen's preparation and submission of false transaction records, in support of false expense reports he caused to be submitted to the firm, caused the firm to maintain inaccurate books and records.

Broker denies the allegations. He was part of MetLife's Co-op Marketing Program and complied with supervisor's dictates regarding system submissions.

METLIFE

Discharged

REGISTERED REPRESENTATIVE ADMITTED HE DID NOT FOLLOW FIRM POLICY WITH RESPECT TO BUSINESS EXPENSE REIMBURSEMENTS.

CLIENT ALLEGES THE SALE OF VARIOUS VARIABLE ANNUITIES WERE UNSUITABLE DUE TO HER AGE AND FINANCIAL NEEDS. CLIENT IS REQUESTING THE FIRM TO RESCIND ALL CONTRACTS AND REFUND HER ORIGINAL INVESTMENT, PLUS GAINS, WITHOUT THE IMPOSISTION OF SURRENDER CHARGES. DAMAGES UNSPECIFIED.

$118,804.56

AXA ADVISORS HAS FOUND NO BASIS TO THE CUSTOMER'S COMPLAINT. BASED ON APPEAL RECEIVED 6/30/11, THE FIRM AGREED TO SURRENDER THE VARIABLE ANNUITY CONTRACTS, EFFECTIVE APRIL 7, 2011, WITHOUT THE IMPOSITION OF SURRENDER CHARGES. LOSS TO THE FIRM: $118,804.56. RR MARK COHEN'S ERRORS AND OMISSIONS CARRIER DID NOT CONTRIBUTE TO THE SETTLEMENT.

CLIENT ALLEGES MISREPRESENTATION IN THE SALE OF A VARIABLE ANNUITY AND VARIABLE LIFE INSURANCE POLICY. CLIENT IS REQUESTING THE FIRM TO INVESTIGATE THIS MATTER. DAMAGES UNSPECIFIED.

CLIENT ALLEGES MISREPRESENTATION IN THE SALE OF A 2010 VARIABLE LIFE INSURANCE POLICY. CLIENT IS REQUESTING THE FIRM TO TERMINATE THE POLICY WITHOUT THE IMPOSISTION OF A WITHDRAWAL CHARGE. DAMAGES UNSPECIFIED.