MML Stockbroker Investigated By Florida Regulator
Oscar Francis of Fort Lauderdale Florida a stockbroker formerly registered with MML Investors Services, LLC is referenced in a Florida Department of Financial Services investigation that was launched on October 23, 2017 concerning the circumstances surrounding Francis’ termination from MML Investor Services.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Francis was terminated from MML Investors Services LLC on May 31, 2017 supported by accusations that he placed an unauthorized life insurance transaction, possibly sold away from the firm and engaged in outside business activities that were never disclosed to the firm.
FINRA Public Disclosure reveals that Francis has been referenced in three additional customer initiated investment related disputes pertaining to allegations of Francis’ violative conduct during the time that he was employed by MML Investors Services, LLC. Particularly, on November 7, 2017, a customer initiated investment related complaint involving Francis’ activities was settled for $44,321.00 in damages founded on accusations that Francis effected investment transactions away from MML Investors Services LLC while the customer thought that a MML Investors Services approved investment transaction had been consummated.
On November 8, 2017, another customer initiated investment related complaint regarding Francis’ conduct was resolved for $243,652.52 in damages based upon allegations that in 2016, the customer was placed by Francis into an unapproved outside investment while being led to believe that a MassMutual investment had been purchased. Likewise, on November 13, 2017, a customer initiated investment related complaint concerning Francis’ activities was settled for $20,370.00 in damages supported by accusations of Francis having executed unauthorized investment transactions in 2016.
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