PAUL DAVID FERRANTE is currently employed as a Broker and/or Investment Adviser at MML INVESTORS SERVICES, LLC located at 530 FIFTH AVENUE-14TH FL, NEW YORK, NY, 10036-5101.
PAUL DAVID FERRANTE has worked at MML INVESTORS SERVICES, LLC since March 21, 2011
Disclosure History
PAUL DAVID FERRANTE has 2 Disclosure Event(s).
Date: November 01, 2013 Category: Regulatory
Date: January 18, 2011 Category: Employment Separation After Allegations Firm Name: NMIS, LLC Termination Type: Discharged Allegations: REPRESENTATIVE WAS DISCHARGED AFTER HE ENTERED THE OSJ AFTER-HOURS WITHOUT ANY APPARENT LEGITIMATE BUSINESS PURPOSE AND REMOVED CONFIDENTIAL AND PROPRIETARY DOCUMENTS. Broker Comment: SPECIFICALLY MY AGENT CONTRACT WITH NORTHWESTERN MUTUAL MADE CLEAR THAT AS AN AGENT, I AM FREE TO EXERCISE MY OWN JUDGMENT (SECTION 4: RELATIONSHIP) AND DETERMINE THE TIME, PLACE AND MANNER OF MY CONDUCT. MOREOVER, SECTION 11: RECORDS OF THE AGENT CONTRACT EXPRESSLY STATES THAT IT IS MY RESPONSIBILITY TO "HOLD AND PRESERVE ALL RECORDS RELATING TO TRANSACTIONS BY OR FOR NORTHWESTERN MUTUAL." THUS THE AGENT CONTRACT MAKES IT CLEAR THAT I WAS PERMITTED TO CONDUCT BUSINESS AT ANY TIME OF DAY, INCLUDING "AFTER HOURS" AND THAT NOT ONLY WAS I ENTITLED TO POSSESS FILES RELATING TO TRANSACTIONS CONDUCTED FOR THE BENEFIT OF NORTHWESTERN MUTUAL, BUT I WAS OBLIGATED TO HOLD THESE FILES AND ENSURE THAT THEY ARE IN GOOD ORDER. ALTHOUGH THERE DO NOT APPEAR TO BE ANY PROVISIONS THAT RESTRICTED MY ACCESS TO THE OSJ TO "LEGITIMATE BUSINESS PURPOSES" ONLY, THE FORM U5 DISCLOSURE NONETHELESS IMPLIES THAT MY CONDUCT WAS NOT LEGITIMATE. IF THERE WERE QUESTIONS REGARDING THE BUSINESS PURPOSE OF MY VISIT TO THE OFFICE, THEN THE APPROPRIATE PERSONNEL SHOULD HAVE INQUIRED AND I WOULD HAVE CLEARED UP THE CONFUSION. I BELIEVE THAT NMIS PURPOSEFULLY DID NOT MAKE THESE REASONABLE INQUIRIES NOR DID THEY REVIEW THE APPLICABLE CONTRACTS. RATHER, THE U5 DISCLOSURE SEEMS TO BE CONSISTENT WITH THE OTHER RETALIATORY EFFORTS OF NMIS, THE RUSSO GROUP AND NORTHWESTERN MUTUAL. IN THE MONTHS LEADING UP TO MY TERMINATION FROM NMIS, I HAD BEEN HONEST ABOUT MY CONVERSATIONS WITH COMPETING AGENCIES AND MY THOUGHTS ABOUT LEAVING IF CERTAIN THINGS DID NOT IMPROVE. AS YOU CAN UNDERSTAND, A LOT GOES INTO A DECISION TO CHANGE AGENCIES, INCLUDING THE NEED TO UNDERSTAND THE LEVEL OF COMMISSIONS BEING LEFT BEHIND AND THE DESIRE TO ENSURE THAT IF I DID DEPART, THAT CLIENT FILES WERE COMPLETE AND THAT CLIENTS WOULD NOT BE IMPAIRED BY MY CAREER CHOICES. AT THE TIME I WAS TERMINATED, I HAD NOT YET FINALIZED MY DECISION REGARDING MY FUTURE WITH THE RUSSO GROUP; MY TERMINATION MADE THE DECISION FOR ME. AT THE TIME I WAS TERMINATED, NORTHWESTERN MUTUAL DEMANDED THAT I RETURN THE CLIENT FILES THEN IN MY POSSESSION. ALTHOUGH THE OPERABLE AGREEMENTS DO NOT SPECIFY THE TIME PERIOD WITHIN WHICH THIS RETURN OF FILES NEEDED TO OCCUR, I RETURNED THE FILES WITHIN FOUR BUSINESS DAYS OF THE DEMAND TO DO SO, WHICH IS REASONABLE. OVER THE YEARS I HAVE KNOWN MANY AGENTS WHO LEFT THE RUSSO GROUP AND OPENLY TOOK CLIENT FILES WITH THEM WITHOUT ANY PROBLEMS. I HAVE CLEARLY BEEN SINGLED OUT FOR ADVERSE TREATMENT AS THESE INDIVIDUALS WERE NOT TREATED THE WAY I HAVE BEEN TREATED NOR DID THEY HAVE SIMILAR ENTRIES ON THEIR U5. I WOULD ALSO LIKE TO POINT OUT THAT THE RUSSO GROUP UNILATERALLY TERMINATED MY STATUS AS A NORTHWESTERN MUTUAL AGENT WITHOUT ADVANCE NOTICE, DESPITE THE FACT THAT MY ACTIONS WERE ENTIRELY WITHIN THE SCOPE OF MY AGENT CONTRACT, AND CONSISTENT WITH PAST PRACTICE. BY DOING SO, THE RUSSO GROUP BREACHED THE AGENT CONTRACT, WHICH ONLY PERMITS IMMEDIATE TERMINATION FOR CAUSE, SUCH AS THE FAILURE OF AN AGENT TO COMPLY WITH THE TERMS OF THE AGENT CONTRACT. I SHOULD HAVE BEEN AFFORDED THE 30 DAYS REQUIRED BY THE AGENT CONTRACT, WHICH ALSO WOULD HAVE ALLOWED ME TO COLLECT COMMISSIONS GENERATED DURING THIS PERIOD. THESE ACTIONS ARE CURRENTLY THE SUBJECT OF CONVERSATIONS BETWEEN MYSELF AND NORTHWESTERN MUTUAL AND MAY ESCALATE. DURING MY CAREER, I HAVE PRIDED MYSELF ON MY ETHICAL AND STRAIGHTFORWARD DEALINGS. I RESPECTFULLY REQUEST THAT YOU CONSIDER THE FACTS AT PLAY HERE AS WELL AS THE MOTIVATIONS OF THE RUSSO GROUP AND NMIS IN ATTEMPTING TO DARKEN MY OTHERWISE PRISTINE BUSINESS CONDUCT RECORD.
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