FINRA suspended former MetLife Securities Inc. broker Loreta Salinas Nelson of Murrieta, California for engaging in an unapproved outside business activity by serving as a co-trustee for an elderly firm customer without providing prior written notice to the firm. The regulator also fined her $15,000.
Investigators found that Nelson, who FINRA says also did business under the alternate name "Lorie Aschenbrenner," paid herself approximately $47,000 in compensation, fees, and expenses from trust assets for serving as co-trustee for the approximately 100-year-old client, but failed to provide notice to MetLife of this activity and income as required by FINRA Rule 3270.
The report states Nelson also held power of attorney for the customer's affairs.
Firm records confirm that Nelson resigned in February 2014 while under MetLife internal review for "borrowing money from a former client and outside business activities." Investigators alleged that not only did Nelson fail to inform MetLife of her co-trustee role prior to engaging in the activity, she never told the firm of her position at anytime during her stint as co-trustee from 2012-2014.
If you have invested with Loreta Salinas Nelson or with any broker, financial adviser or representative who has served as co-trustee yet failed to disclose this arrangement to the FINRA member-firm where this business relationship was formed, and this financial arrangement has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.