PFS Investments Broker Named in a FINRA Complaint for Misrepresentations Involving Customer Funds
Norma M. Skeete, an Arlington, Virginia-based registered representative formerly employed by PFS Investments Inc. (PFS Investments), was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging she made negligent misrepresentations to a PFS Investments customer in connection with a loan that customer made to a real estate venture. According to the Complaint, Norma Skeete made multiple negligent misrepresentations to her PFS Investment customer. FINRA alleged that Ms. Skeete exchanged emails with the customer, allegedly assuring the investor that the loan would be safe and would be returned. Based on what business partners told Ms. Skeete, she allegedly responded to an email from her PFS Investments customer seeking an update about his $160,000 loan. According to FINRA, Ms. Skeete allegedly told the customer “things are going according to plan,” and that the loaned funds were “not in jeopardy” and were “absolutely going to be reimbursed.” However, Ms. Skeete allegedly neglected the due diligence to actually look into the independent steps necessary to understand how the loans would be documented, where the funds would be held, and who would be holding the funds.
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