April 2011 FINRA Account Executive Enforcement Action:
Jeryl Wayne Clegg (CRD #2542818, Registered Representative, Powder Springs, Georgia, formerly licensed with Midsouth Capital, Inc.) submitted an Offer of Settlement in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Clegg consented to the described sanction and to the entry of findings that he caused a withdrawal of approximately $7,000 from customers’ variable annuity accounts and converted the funds, which were in the form of checks, by depositing the funds into his business account and using the funds for his own benefit without the customers’ knowledge and consent. The findings stated that Clegg failed to respond to FINRA requests for information. (FINRA Case #2010022209101).
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