MetLife Registered Rep Settles Fraud Charges

The SEC settled administrative charges against Mark E. Salyer, a registered representative for MetLife Securities, Inc.  The SEC alleged that Salyer, from at least June 2005 through October 2007, fraudulently diverted approximately $6 million from the accounts of at least 33 MetLife customers to multiple entities, two of which he directly controls. According to the complaint, Salyer diverted the money by forging customer signatures on wire transfer forms and by convincing customers to invest in a company he controlled under the guise that it was a MetLife investment. The complaint further alleged that to facilitate and otherwise conceal his fraud, Salyer falsified customer brokerage account statements or provided customers with fraudulent explanations for discrepancies in the account balances reflected in their account statements.

Based on the above, the Order bars Salyer from association with any broker, dealer, or investment adviser. Salyer consented to the issuance of the Order without admitting or denying any of the findings in the Order except as to the jurisdiction of the Commission over him and the entry of the permanent injunction against him. (Rel. 34-59227; AAE Rel. 2826; File No. 3-13330)