Gloria Ferris

one woman’s view from a place by the zoo in the city

Archive for November 7th, 2009

Alan Mooney—A Good Man Done Wrong

with 4 comments


Here is my comment on the Crain’s Investment News article which addresses the suit my friend Alan Mooney has filed with FINRA against FSC.

I know Alan Mooney personally, and feel that there is a need for some amplification of the situation surrounding him. Alan wrote the contract he used with FSC and did not sign or use FSC contracts. Alan wrote The Money Foundation contract which governs the down line reps who have Alan Mooney as their OSJ. Alan’s contract had language far beyond anything in the industry outlining ownership in regards to client information and intellectual property rights of reps. Alan also had a special contract as a Super OSJ meant to protect him from FSC recruiting his down line. A provision in the contract included a one year separation clause before FSC could recruit or retain any of Alan’s down lines. These unique 1997 contracts had been announced in national phone calls with over 600 reps listening when Jim Wisner signed the contract. 20,000 reps have learned about the signing of the contracts through seminar mailings and talks by Alan. Thousands of reps all over the United States who have attended Alan’s seminars have heard Alan talk about true independence.

That contract was honored by FSC for over 11 years until Mark Schlafly arrived on the scene, and for sure, Joby Gruber, Jim Wisner & John Bell Keeble would flip over how rotten things are at FSC today! FSC not only solicited Alan’s down lines but offered big bucks to top producers in Alan’s group to sell Alan out. In fact, in a phone call September 3, 2009, Mr. Schlafly promised Alan this would not happen anymore. Within 5 minutes of Mr. Schlafly’s disconnecting with Alan, he called Alan’s biggest producing rep. He not only solicited the rep but offered to backdate the money offer by 7 months.

There were hundreds of OSJ managers present when Alan offered to buy FSC in October 2008. Over a hundred OSJ’s had given Alan a Letter of Intent (LOI) to help buy out FSC. Within days after that meeting in Atlanta lots of rep’s with FSC were threatened by an AIG New York attorney to stop or else. The threats were in writing. Mr. Schlafly then had a national phone call with all FSC reps and threatened reps could not leave FSC because FSC owned their client information. Alan then posted on an FSC MFA ONLY blog a copy of AIG attorney Noah Sorkin’s letter to the SEC stating that at AIG the reps own that information. This exposed Mr. Schlafly and outted him as either dishonest or incompetent, and no matter what is correct, he was wrong in his threats.

Only Alan Mooney had the courage to stand and tell the truth on these issues–the guts to try and defend all the reps at FSC. There was no financial advantage for him. He could have stayed silent and shared the information only with his down line think tank- the Money Foundation. Most of the people following Alan are deeply moral and very spiritual people (many are Ordained Ministers). Some people jokingly have called us his apostles. We the so- called apostles of doing what is right, being independent and part of his think-tank, know the truth and know Alan tells it like it is! We know Alan as a Christian man of deep faith who has written books on Ethics for Success for stock brokers; a man knighted Sir Alan Mooney by order of the Pope for his work with inner city kids and street people.

The following week after Mr. Schlafly’s call, Schlafly clumsily had to retract saying “he didn’t know about the AIG attorney’s letter to the SEC”, but he still threatened “the use of negative response letters and months of holding reps up if they try to move”.

Alan is a holy man who stood up alone for the independent reps at FSC and those he stood up for should show their support for him now. Unfortunately, not all people are warriors, but those of us who value independence and ethical behavior know that now is the time to stand with this man. He personally paid for and brought his attorney to that meeting in the fall of 2008 for the benefit of all the other OSJ’s in what he believed was the beginning of how together they could help FSC remain a beacon for independent reps in the financial world.

Further, the person calling only OSJ’s (not their downlines) at FSC is an attorney’s son and is conducting a survey, and nothing more. Those who claim otherwise are not being truthful. People who are threatened by truly moral leaders always try to defame them. Alan is a man who freely shares knowledge, expertise, and best practices to make the financial world a better place. Simply, Alan is a good man done very wrong.

Independent Reps everywhere should take heed of this lawsuit because who owns the relationship with your clients, who owns your intellectual property, who has duties to whom, and who calls the shots in your business, in your professional practice—it is all at stake.

Read the full article here.

Written by Gloria Ferris

November 7th, 2009 at 3:59 pm