Articles Tagged with MML Investors Services

AdobeStock_41845221-300x212The Financial Industry Regulatory Authority (FINRA) recently barred former MML Investors Services broker Brian Travers from the industry. Mr. Travers was alleged to have engaged in private securities transactions, and FINRA was investigating him for it. Brian Travers also refused to appear for an on-the-record testimony and failed to provide FINRA with testimony in connection with its investigation into potential undisclosed outsides business activities and private securities transactions. MML Investors Services terminated Travers’ employment with the firm in March 2017. The private securities transactions in which Travers is alleged to have participated are also referred to as “selling away” within the industry. This is when a registered broker solicits investments in companies, promissory notes, or other securities that are not pre-approved by his member firm. The broker does this so he does not have to share the commissions he makes with his member firm. His brokerage firm has an obligation and a duty to reasonably supervise its representatives, and, if it does not, and allows the broker to violate FINRA and internal firm rules, the firm may be liable for investment losses on a contingency fee basis. Firms like MML Investors Services are sued in the FINRA arbitration forum.
Brian Michael Travers, according to his public, FINRA BrokerCheck report, available online, was previously registered with MML Investors Services in Melville, New York from September 2007 until June 2009, MetLife Securities in Hauppauge, New York from May 2009 until November 2011, Lincoln Financial Advisors in Syosset, New York from November 2011 until November 2013, and MML Investors Services in Melville from November 2013 until April 2017. He has one regulatory matter against him and an employment separation after allegations. He has been permanently barred from the industry.

AdobeStock_78306447-1-300x199If you or someone you know suffered investment losses because of recommendations by IBN Financial Services broker Donald Lueke, you may be able to recover these losses on a contingency fee basis, which means we only receive money if you recover yours. You may be able to bring a claim against IBN in the Financial Industry Regulatory Authority (FINRA) arbitration forum. Donald Leuke, according to FINRA records on its online forum, BrokerCheck, has been registered within the industry for 20 years, most recently with IBS in Kansas City, Missouri since March 2016. During this time, he has been accused of selling unsuitable investments in fixed annuity products, real estate securities and business development companies. All of these products can be highly risky and illiquid ones, not suitable for every customer. A broker such as Mr. Lueke must take into account every customer’s age, net worth, investment objectives and investment risk tolerance, among other factors, to determine if they are suitable, before recommending or selling any investment. If he does not, his brokerage firm may be liable for losses.
Mr. Lueke was also accused of misrepresenting material facts, and recommending an unsuitable variable annuity product. These are all against securities laws and internal firm rules. Donald Lueke was previously registered with MML Investors Services in Springfield, Massachusetts from February 1997 until October 1999, SII Investments in Appleton, Wisconsin from October 1999 until July 2004, Berthel, Fisher & Company in Kansas City, Missouri from July 2004 until May 2010 and NFP Advisor Services in Kansas City from May 2010 until March 2016. He is currently registered with IBN in Kansas City, and has been since March 2016. He has two customer disputes against him, one of which is currently pending.

Recent records published by the Financial Industry Regulatory Authority (FINRA) indicated that former MML Investors Services broker Clifford Marks has received numerous resolved or pending customer disputes. These allege him taking unauthorized loans against his customer’s insurance policy while he was registered with NYLife Securities, and another customer alleged that Marks “made him sign blank forms and then attempted to coordinate a 401k rollover” without the customer’s authorization or knowledge. He also allegedly did not clearly explain unsuitable investments and provided misinformation and misdirection in the process of overselling him insurance products. These are all against securities rules and regulations and internal firm policies.

According to public, online records, Mr. Marks was previously registered with NYLife Securities in Mobile, Alabama from May 2011 until July 2016 and MML Investors Services in Mobile from August 2016 until January 2017. He has 10 customer disputes against him, one of which is currently pending. He is not currently registered as a broker within the industry.

Stoltmann Law Offices is interested in speaking to those investors who may have invested money with Tyrone Pang, a former NYLife Securities broker in San Francisco, California. Pang was barred from the industry by the Financial Industry Regulatory Authority (FINRA) after he failed to respond to an investigation against him. He was accused of improper use of customer insurance premium payments and terminated from NYLife Securities for this misconduct. Brokerage firms like NYLife Securities have a reasonable duty to oversee their employees, so they don’t violate securities laws. If the brokerage firm does not, it may be liable for losses on a contingency fee basis in the FINRA arbitration forum. Pang was previously registered with NYLife Securities in San Francisco, California from August 2008 until June 2015 and MML Investors Services in San Jose, California from March 2017 until December 2017. He has one customer dispute against him, alleging that he mishandled funds for the purpose of paying insurance premiums. According to his online FINRA BrokerCheck report, he is not currently registered as a broker within the industry.

AdobeStock_33766885-1-300x200Publicly available records by the Financial Industry Regulatory Authority (FINRA) indicate that Donald Goerner, a Purshe Kaplan Sterling broker in Addison, Texas provided incomplete tax advice in connection to the sale of ZSPH purchased away from his firm. This resulted in a tax liability of $80,000 and loss of potential gains if the position was held longer. This customer complaint is currently pending. ZSPH was an unregistered security allegedly purchased by the client in a private security transaction without the recommendation or due diligence of Mr. Goerner. A broker such as Mr. Goerner must do his due diligence on a security, in order to only recommend and sell suitable investments to his clients. If he does not, his brokerage firm, in this case, Purshe Kaplan, can be held liable for losses. We are securities attorneys who may be able to help you recover those losses on a contingency fee basis. The call to us is free with no obligation so please call today. We are based in Chicago, Illinois. According to his online FINRA public report, Mr. Goerner was registered with MML Investors Services in Addison, Texas from April 2003 until April 2008 and currently with Purshe Kaplan Sterling Investments in Addison, Texas since April 2008. He has one customer dispute pending against him.

AdobeStock_82110313-1-300x125Stoltmann Law Offices is interested in speaking to those clients who suffered losses with Stanley Clatyton Niekras. Niekras allegedly recommended unsuitable variable annuity exchanges in three customer accounts. The Financial Industry Regulatory Authority (FINRA) found that he effected the annuity exchanges to benefit himself at the expense of his customers. The couple he misrepresented himself to were in their nineties. He made fraudulent misrepresentations to the couple in order to collect more than $70,000 in estate and financial planning fees while associated with MML Investors Services. These transgressions are against securities laws.

Niekras was previously registered with Painewebber Inc. in Weehawken, New Jersey from November 1993 until January 1995, Morgan Stanley in Purchase, New York from January 1995 until April 2005, MML Investors Services in Liverpoll, New York from May 2005 until January 2014 and Purshe Kaplan Sterling Investments in Watertown, New York from May 2014 until October 2015. He has seven customer disputes against him and is currently not registered within the industry. Please call us today at 312-332-4200 if you would like a no-cost, no-obligation review by an attorney.

AdobeStock_33766885-1-300x200According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Eric Ott allegedly signed a customer’s name to two applications for insurance without the customer’s knowledge or consent. This is against securities laws. For this, he was fined $15,000 and suspended from the industry for 13 months. According to his FINRA BrokerCheck report, Eric Eugene Ott was registered with JP Morgan Securities in Bellevue, Kentucky from November 2013 until March 2015 and MML Investors Services in Cincinnati, Ohio from August 2015 until April 2016. He is currently not registered within the industry. If you suffered losses with Eric Ott, please call our securities law firm based in Chicago, Illinois for a free consultation with one of our attorneys. We may be able to help you recover your losses on a contingency fee basis. We bring claims against firms such as MML Investors Services in the FINRA arbitration forum.

According to recent allegations made by the Financial Industry Regulatory Authority (FINRA), David Escarcega was barred from the industry after making false and misleading statements in connection with the sale of GWG Renewable Debentures. Escarcega allegedly told his clients that the debentures were guaranteed or safe, when they were not. In reality, they were illiquid investments not suitable for many investors. FINRA barred him from the industry and fined him $52,270. In March 2016, the Securities Division of the Arizona Corporation Commission brought a complaint against him which alleged that he sold more than $4 million worth of GWG Debentures and that those were speculative and illiquid. The state of Arizona barred him from the securities industry and fined him $10,000 in November 2016.

Escarcega was registered with MML Investors Services, Pruco Securities Corp, Mony Securities Corp, Lincoln Financial, Chase Investment Services and Center Street Securities in Phoenix, Arizona from March 2010 until April 2016. He has two customer disputes against him and has been permanently barred from the industry. Please call our law firm today if you suffered losses with David Escarcega. We may be able to help you recover them on a contingency fee basis by bringing a claim against Center Street Securities in the FINRA arbitration process. The call to us is free with no obligation.

Stoltmann Law Offices is investigating Paul Smyth, who was recently barred from the industry after he failed to respond to a Financial Industry Regulatory Authority (FINRA) investigation. FINRA was investigating Smyth’s involvement regarding allegations that he misappropriated or stole customer premiums for life insurance policies, and that he forged signatures on policies. These are against securities rules and regulations. Smyth was registered with Northwestern Mutual Investment Services in Wilton, Connecticut from January 2005 until November 2010 and MML Investors Services in Fairfield, Connecticut from November 2010 until October 2015. He has one customer dispute against him, which is currently pending. Please call our securities law offices in Chicago today at 312-332-4200 to speak to an attorney about your options of bringing legal recourse against MML Investors Services on a contingency fee basis.

Timothy Payne, a former registered broker with Wilbanks Securities, recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Payne was accused of engaging in dishonest and unethical practices in the securities, investment and/or insurance business by the State of Missouri. He was ordered to pay $17,750 in restitution ($10,000 of which is suspended provided he complies with the terms of the Consent Order and the Missouri Securities Act) and a $20,000 civil penalty, which was also suspended. For this, Payne was barred from the industry. Payne was registered with MML Investors Services, Wilbanks Securities in Oklahoma City, Oklahoma from August 1999 until March 2008, Sagepoint Financial, Wilbanks Securities in Oklahoma City from June 2009 until February 2014, Investors Capital and Adirondack Trading Group. He is not currently registered with any member firm and has one customer dispute against him. He is not licensed within the industry. Please call our law offices today to speak to an attorney about your options of suing Wilbanks Securities in the FINRA arbitration forum. The firm may be responsible for investment losses because it did not properly supervise Payne and allowed him to make transgressions. The call to us is free. 312-332-4200.

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