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Rodd McMinn Allegedly Sold Client Unsuitable Whole Life Insurance Policy

Rodd McMinn (CRD #: 2340048), a broker registered with MML Investors Services, allegedly sold an unsuitable insurance policy, according to his BrokerCheck record, accessed on October 30, 2022. Keep reading if you want to know more about his conduct as a broker.

Investor Dispute

On September 22, 2022, an investor alleged that Rodd McMinn sold her a whole life insurance policy in 2017 which was unsuitable given her needs, goals, and overall portfolio. The insurance policy was allegedly funded in part with money from a securities account. The client seeks $107,770 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must consult an investor’s profile, which contains the following investor characteristics:

  • Age
  • Financial goals
  • Risk tolerance
  • Time horizon (i.e., how long the investor plans to hold the investment)
  • Investing experience
  • Tax status

Investors who rely on their broker for recommendations may be able to recover their losses through FINRA arbitration.

Background Information

Rodd McMinn has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Rodd McMinn is a registered broker in 26 states and a registered investment adviser in New York and Texas.

He has also worked for the following firms:

  • MSI Financial Services (CRD#:14251)
  • Metropolitan Life Insurance Company (CRD#:4095)
  • WS Griffith Securities (CRD#:10410)

Kurta Law Can Help

If you worked with Rodd McMinn and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.

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