Former MetLife rep fined $15,000 for borrowing from clients
Finra also suspends the broker, a firm lifer, for 18 months
The Financial Industry Regulatory Authority has imposed a fine of $15,000 on a former MetLife broker. A rep with 25 years of experience, William Roy Kimberlin was also suspended for 18 months in connection with allegations that he borrowed $30,000 from customers.
Accepting or giving loans to clients is forbidden under Finra regulations, the regulator said in a letter of acceptance, waiver and consent.
Mr. Kimberlin joined MetLife in 1992 and worked there for his entire career. He was terminated by the firm in 2016 for failing to follow its policy regarding loans from customers.
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