North Carolina Broker Gary Hammond Barred By FINRA For Selling…

Gary Hammond

Gary Hammond

Erez Law is currently investigating broker Gary Hammond (CRD# 2660432) regarding private securities investment losses. Hammond was registered with Hornor, Townsend & Kent, Inc. in Charlotte, North Carolina from August to December 2017. Previously, Hammond was registered with MML Investors Services, LLC in Charlotte, North Carolina from March to May 2017, when he was terminated regarding, “Terminated in connection with an internal review relating to violation of company policy as to the handling of a customer complaint and selling away.” Prior to that, Hammond was registered with Metropolitan Life Insurance Company in Charlotte, North Carolina from 2000 to 2007.

In January 2021, FINRA barred Hammond after he, “Without admitting or denying the findings, Hammond consented to the sanction and to the entry of findings that he participated in private securities transactions totaling $1,638,000 without providing written notice to his member firm. The findings stated that the transactions involved investments in limited liability companies controlled by Hammond’s half-brother. Hammond participated in these transactions by referring investors to his half-brother, attending meetings about the investments and receiving compensation for his referrals. Two of the limited liability company investments turned out to be Ponzi schemes. Hammond referred customers, who invested a total of $1,019,000, to these fraudulent investments. Additionally, in a firm compliance questionnaire, Hammond falsely answered questions about whether he participated in private securities transactions or received referral fees outside of his firm.”

Hammond has been the subject of 10 customer complaints between 2016 and 2019, two of which were denied, one was closed without action, and one was withdrawn, according to his CRD report:

July 2019. “Plaintiffs alleged Unfair and Deceptive Trade Practices and State Securities Fraud regarding the advisor’s recommendation to invest in private securities commencing 2012.” The customer sought $25,000.01 in damages and the case was settled for $680,000. The complaint was regarding private securities and took place while Hammond was registered with MML Investors Services, LLC.

March 2019. “Plaintiffs alleged Unfair and Deceptive Trade Practices and State Securities Fraud regarding the advisor’s recommendation to invest in private securities commencing in 2005 and 2016.” The customer is seeking $25,000.01 in damages and the case is currently pending. The complaint was regarding private securities and took place while Hammond was registered with MSI Financial Services, Inc. f/k/a MetLife Securities. 

January 2019. “Plaintiffs alleged Unfair and Deceptive Trade Practice, State Securities Fraud regarding an investment into a fictitious entity, in 2008, approximately.” The customer sought $25,000.01 in damages and the case was settled for $86,000.

December 2018. “Plaintiffs alleged Unfair and Deceptive Trade Practices and State Securities Fraud regarding the advisor’s recommendation to invest in private securities commencing 1999.” The customer sought $25,000.01 and the case was settled for $1,190,000.

October 2018. “Plaintiff alleged Unfair and Deceptive Trade Practices and State Securities Fraud regarding the advisor’s recommendation to invest in private securities, commencing in 2000.” The case was settled for $975,000. The complaint was regarding private securities and took place while Hammond was registered with MSI Financial Services, Inc. f/k/a MetLife Securities. 

May 2018. “Plaintiff alleged Unfair and Deceptive Trade Practice and State Securities Fraud regarding the advisor’s recommendation to invest in private securities commencing 2014.” The case was settled for $25,000.01.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, FIRM may be liable for investment or other losses suffered by Hammond’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

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