Allen Michael Green, a former registered representative with the Ypsilanti, Michigan branch of Royal Securities Company (Royal Securities) submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he made unsuitable non-traditional exchange traded funds (ETF) recommendations to a disabled customer who had limited financial resources, causing the customer massive investment losses.
According to FINRA, Allen Green believed that the world economy was on the brink of collapsing and recommended almost exclusively to invest in securities with precious metals, natural resources, commodities, and energy. Mr. Green allegedly recommended that his customer liquidate her existing variable annuity, which included a surrender charge of $59,583. As a result of following Mr. Green’s unsuitable recommendations, his client lost at least $193,165 which does not include the variable annuity surrender charge. Continue Reading