Melton Weaver FINRA Suspension
Melton Weaver (CRD #: 5422319) has been suspended by FINRA. This disclosure appears on his BrokerCheck record, accessed on February 14, 2023. Keep reading if you have questions regarding his alleged conduct.
Two-Year FINRA Suspension
On November 28, 2023, Melton Weaver consented to the findings that he engaged in an outside business without providing written notice to his firm, PFS Investments. The outside business customers included PFS customers and registered representatives. The firm approved the e-commerce storefront component of the outside business, but not the digital real estate component.
When PFS found out the outside business had been marketed to PFS representatives, the firm warned him to stop, since this allegedly created a conflict of interest for Melton Weaver’s firm business. The firm requested that Melton Weaver supply the names of registered representatives and firm customers who had purchased e-commerce storefronts. Melton Weaver allegedly failed to provide this information, undermining the firm’s ability to evaluate the outside business.
The firm allegedly told Melton Weaver to choose between working at the firm or his outside business, and he allegedly neither stopped his outside business nor voluntarily resigned from PFS. The firm allegedly chose to discharge him.
FINRA Rule Regarding Outside Business
FINRA Rule 3270 requires brokers to disclose to their firm any business activities they engage in outside it, including any compensation they expect to receive.
Terms of the AWC
As part of the terms of the AWC, Melton Weaver consented to a 24-month suspension and a $10,000 fine.
Outside Businesses
Melton Weaver has the following outside businesses on his detailed BrokerCheck record:
- Sales of investment-related products for companies affiliated with PFS investments
- Non-investment-related compensation from Primerica Mortgage
- Limited partner of Champion E-Com
- Owner of IT Express LLC
- MJ Capital Holdings: Rental properties
Background Information
Melton Weaver has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 6 Investment Company Products / Variable Contracts Representative Examination
- Series 26 Investment Company Products/ Variable Contracts Principal Examination
Kurta Law Can Help
If you have worked with Melton Weaver and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents in
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