Terry Mitchell Allegedly Misappropriated Funds
Terry Mitchell (CRD# 6320029), formerly a broker registered with Pruco Securities, misappropriated funds, according to a recent investor dispute. MDF Law is investigating the former New York City-based financial advisor for similar conduct. We encourage former clients with concerns about their accounts to reach out for a free, confidential consultation with an attorney.
To learn more about the disputes involving Mr. Mitchell, continue reading this post. The information below is sourced from a November 26, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.
Pending Dispute Seeks 6-Figure Damages
On September 30, 2024, an investor lodged a dispute alleging that Mr. Mitchell breached his fiduciary duty, misappropriated funds, and engaged in fraud. The dispute, which is still pending, seeks alleged damages of $100,000.
Understanding FINRA Rule 2150
Securities industry rules prohibit brokers and investment advisers from misappropriating customer funds. FINRA Rule 2150, for example, establishes that no firm or firm’s employee “shall make improper use of a customer’s securities or funds.” Rule 2150 also forbids brokers from guaranteeing clients against account losses, and from sharing in profits or losses in an account. A similarly important standard is Rule 2020, which prohibits brokers from using fraudulent or deceptive devices to transact securities. Then there’s FINRA Rule 2010, which requires brokers like Mr. Mitchell to uphold “high standards of commercial honor.”
What Are Pruco Securities’ Core Values?
The website for Mr. Mitchell’s former member firm, Pruco Securities, features a section outlining its core values. These include trustworthiness, a focus on customers, respect, and integrity. “Our core values are the principles that guide us daily in helping our customers achieve financial prosperity and peace of mind,” the section reads. “At all times, we strive to distinguish Prudential as an admired multinational financial services leader and trusted brand that is differentiated by top talent and innovative solutions for all stages of life.”
FINRA: Terry Mitchell Last Based in NYC
Mr. Mitchell started working as a broker when he registered with National Securities Corporation in 2014. His career has included tenures at J.H. Darbie & Company, AXA Advisors, and Pruco Securities. He joined his most recent firm, Pruco, in 2018, and worked at its New York City office until 2021. With five years of experience as a broker, he has completed five industry exams, including the Series 65 and the Series 63.
MDF Law Advocates for Investors Like You
If you lost money working with Terry Mitchell, you may be able to file a FINRA arbitration claim to pursue damages. Call MDF Law to discuss your options. We accept cases on a contingency basis, meaning our clients only pay a fee if they recover lost funds: no hourly fees. Call 800-767-8040 for a free consultation with a broker fraud attorney today.