(FINRA Case #2016049233701)
William Roy Kimberlin (CRD #2242040, Plano, Texas) – An AWC (Accept, Wavier & Consent) was issued in which Kimberlin was assessed a deferred fine of $15,000 and suspended from association with any FINRA member in all capacities for 18 months.
Without admitting or denying the findings, Kimberlin consented to the sanctions and to the entry of findings that he solicited and accepted a total of $30,000 in loans from two customers in violation of his member firm’s procedures which prohibited accepting or giving loans to customers under all circumstances.
The findings stated that Kimberlin solicited a 71-year-old customer unsophisticated in financial matters to loan him $20,000. The stated purpose of the loan was to finance a real estate investment business begun by Kimberlin.
Kimberlin assisted this customer in arranging an early withdrawal from her annuity policy, causing her to incur surrender charges and tax penalties totaling approximately $4,400. The customer wrote a check to Kimberlin in the amount of $20,000.
Kimberlin also solicited a 76-year-old customer to loan him $10,000. Once again, the stated purpose of the loan was to finance Kimberlin’s real estate investment business. This customer agreed and provided Kimberlin with a $10,000 check made payable to Kimberlin.
Kimberlin subsequently used the $30,000 he received from the customers to pay down the balance on his credit cards. Kimberlin has not repaid either of these loans.
The findings also stated that Kimberlin falsely certified on firm annual certifications that he had not and would not engage in the prohibited practice of borrowing money or securities from a client. The findings also included that Kimberlin failed to disclose to his firm, at any time, two outside business activities in which he participated, one involving real estate investments and the other involving sports officiating.
Kimberlin was discharged from MetLife Securities Inc. in February of 2016 due to allegations.
The suspension is in effect from September 5, 2017, through March 4, 2019.
If you feel you have been misled or taken advantage by William Roy Kimberlin or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.