Broker Marion Adams Barred After Misappropriation

Marion Adams III (Marion Strickler Adams CRD# 1392435, aka “Ma’on Adams”) is a previously registered broker and investment advisor whose last employer was The Jeffrey Matthews Financial Group, L.L.C. (CRD# 41282) of Mobile, AL. His prior employers were Raymond James & Associates, Inc. (CRD# 705) and Morgan Keegan & Company, Inc. (CRD# 4161), also of Mobile. Adams has been in the industry since 1985.

FINRA investigated after receiving the Form U5 sent in by Raymond James after they allowed Adams to voluntarily resign on 10/7/21. This followed allegations that Adams “may have misappropriated assets” from a client’s estate while previously acting as an executor for the estate. FINRA received the Form U5 on November 5, 2021, and sent a letter to Adams on December 22, 2023.

The letter requested on-the-record testimony scheduled for February 6, 2024. Adams refused to appear. On February 7, 2024, Adams’ attorney spoke by phone with FINRA also by email. In the communications, legal counsel acknowledged receipt of the letter, and indicated that Adams would not appear at any time for on-the-record testimony.

FINRA then issued a Letter of Acceptance, Waiver & Consent (AWC) detailing the allegations and sanctions issued against Adams, which included a permanent bar from association with any FINRA broker dealer. Adams signed the letter on February 27, and the bar went into effect on March 5, 2024, after it was signed by FINRA.

The customer dispute was filed by the client’s estate executor on 7/6/21, alleging misappropriation between 7/6/2020 and 7/6/2021 “as prior executor.” Despite requested damages of $100,000, the claim was closed with no action.

Adams has one additional disclosure, a tax lien from 4/8/2021 for $165,307.59. No additional information is available.

Should You Name Your Broker As Executor For Your Estate?

Picking an executor is a highly personal decision that no one should take lightly. The executor is the person tasked with handling your estate, and many of your final affairs when you pass away. The person you select must be trustworthy and understand your wishes and needs when the time comes, and perform the job as required.

FINRA also has strict rules about brokers being executors and/or beneficiaries for a client’s estate. Unless your broker is immediate family, the broker must notify the firm in writing in advance, and the firm may or may not give its written approval. A broker as an executor or beneficiary can lead to conflicts of interest later, especially if its many years after a will is written and if the person suffers from mental decline. Rule 3241 became effective February 15, 2021.

Did You Invest With Marion Adams III?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.