Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Joe M. Albright (CRD # 3001630) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into his termination from Farmers Financial Solutions, LLC (hereinafter, “Farmers” or the “Firm”) regarding conducting unapproved outside business activities. Specifically, Mr. Allbright engaged in the private securities sales of Future Income Payments, LLC (hereinafter “FIP”) without prior written disclosure and approval from Farmers.
Multiple states have subsequetly issued “cease and desist orders” against FIP, with New York state, in particular shutting down the company for “fraudulent and illegal practices.”
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Allbright and/or the securities of FIP.
Registration Background for Joe M. Allbright
Mr. Allbright first became registered in the securities industry in 1998. He was most recently registered with Odessa, TX based Farmers Financial Solutions, LLC (CRD # 103863) from February 2001 to October 2017. His prior registrations include Sunset Financial Services, Inc. (CRD # 3538) from May 1998 to February 2001.
FINRA’s Allegations against Joe M. Allbright
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated June 8, 2020, Mr. Allbright consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between May and September 2017, [Mr.] Allbright solicited investors to purchase $502,000 in securities in Future Income Payments, LLC (“FIP”)”;
- “FIP represented itself as a structured cash flow investment, claiming to purchase pensions at a discount from pensioners and then selling a portion of those pensions as a “pension stream” to investors”;
- “[Farmers Financial Solutions, LLC]’s written supervisory procedures (“WSPs”) prohibited its registered representatives from participating in the sale of private securities transactions without prior written approval from the Firm“;
- “[Mr.] Allbright did not provide notice to [Farmers Financial Solutions, LLC] prior to participating in the transactions involving FIP, nor did he obtain approval from the Firm”;
- “Between February 2001 and September 2017, [Mr.] Allbright conducted an insurance business through a d/b/a Joe Allbright Insurance Agency, selling insurance products from both FFS-affiliated and non-affiliated companies“;
- “Starting sometime in 2008 and continuing through September 2017, [Mr.] Allbright conducted financial planning services business through a d/b/a, Retire West Texas, offering fixed products and other financial planning services“;
- “Each of the above activities were outside the scope of [Mr.] Allbright’s relationship with [Farmers Financial Solutions, LLC] and he did not provide prior written notice to [Farmers Financial Solutions, LLC]”
- “Further, [Mr.] Allbright completed at least three compliance questionnaires during this period incorrectly attesting that he had disclosed all outside activities to [Farmers Financial Solutions, LLC]“; and
- By virtue of the foregoing, Mr. Allbright violated FINRA Rule 3280 and FINRA Rule 2010.
FINRA Sanctions Joe M. Allbright
As a result of such violations, and in addition to the above described findings and conclusions, FINRA’s June 8, 2020 AWC also indicates that Mr. Allbright consented to the following sanction(s):
- A nine month suspension from association with any FINRA member in any capacity; and
- A $10,000.00 fine.
Joe M. Allbright has a History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Allbright (pages 15 – 17) reveals he has a history of at least 1 customer complaint including but not limited to the following:
- On August 2, 2018 a customer initiated an arbitration in which Mr. Allbright was named as a Respondent for alleged actions that occurred while he was associated with Farmers. The allegations concerned an investment contract allegedly sold away from the Farmers by Mr. Allbright to a person that was not a customer of the Firm. Specifically, the Claimant alleged Mr. Allbright recommended an investment in Future Income Payments, LLC (“FIP”). That such recommendation was negligent, resulting in damages in the amount of $432,000.00. The arbitration is currently pending.
If you or someone you know has or had a brokerage account with Joe M. Allbright and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
