Sean Fields Fired over Customer Loan Allegations
Sean Fields (CRD# 6190319), formerly a broker registered with PFS Investments, borrowed money from securities clients, according to a disclosure by PFS. MDF Law is investigating the former Concord, California-based financial professional for similar conduct. Investors with concerns about their portfolios should contact us as soon as possible for a free consultation.
To learn more about Mr. Fields’ professional history, continue reading. This post is based on his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) resource accessed on February 13, 2024.
PFS Terminated Fields After Internal Review
On January 9, 2024, PFS Investments terminated Mr. Fields’ registration. According to a disclosure on his BrokerCheck profile, Mr. Fields “was under internal review based on allegations of borrowing.” The firm fired him after he admitted to borrowing funds from two customers, the disclosure notes.
Understanding FINRA Rule 3240
Under FINRA Rule 3240, brokers like Mr. Fields may only take loans from customers if their member firms have policies governing such loans, and if the loans meet certain conditions: the customer is an immediate family member; the customer is a financial institution that offers loans (or other financing) in its course of business, and the loan is made in its course of business; the broker and customer are representatives registered with the same firm; the loan stems from a personal relationship with the customer; or, the loan stems from a business arrangement outside the broker-client dynamic. Brokers are also required to notify their firm of the loan and obtain its pre-approval, excepting certain arrangements involving family members.
Past Disputes Involving PFS Investments
Mr. Fields’ former member firm, PFS Investments (Primerica Financial Services), has been involved in two investor disputes that resolved with arbitration awards to the claimants. In 2004, an investor filed a dispute alleging that the firm breached its fiduciary duty, failed in its supervisory obligations, and breached contract. A panel of arbitrators issued an award to the claimant of $200,625. A few years later, in 2009, a second dispute alleged that the firm misrepresented and omitted information regarding variable annuity products. In this case, a panel of arbitrators issued an award to the claimant/s of $477,867.12.
FINRA: Sean Fields Last Based in Concord, California
Sean Fields launched his career as a broker in 2015, when he registered with PFS Investments’ office in Santa Clara, California. The following year, he joined the firm’s office in Concord, California, working there on and off until his firing in January 2024. With eight years of experience as a broker, he has completed five industry exams, including the Series 26 and the Series 65. He is not currently registered with any FINRA member firm.
Complaints? Call MDF Law to Discuss
Are you a former client of Sean Fields with concerns about your accounts? Call MDF Law for a free consultation. You may have grounds to file a FINRA arbitration claim, especially if the following conditions apply:
- You lost more money than you could afford to lose;
- You did not authorize certain trades in your accounts;
- Your advisor failed to disclose the risks of certain investments;
- Your advisor failed to discloses fees or charges connected with certain investments.
MDF Law’s experienced investor advocates have secured tens of millions in recoveries for the victims of brokers fraud. We take all cases on contingency, meaning we only receive a fee when our clients win. Call 800-767-8040 to speak to a lawyer for free.