Item: Shepherd Smith Edwards & Kantas, LLP
Rating: 5
Author: M.B.

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MML Investors Services

MML Investors Services (Formerly Known as MetLife Securities)

MML Investors Services (MMLIS) is a registered brokerage firm and investment advisor. It is the merger of two broker-dealers: MML Investors Services, LLC and MSI Financial Services. The latter was part of the MetLife Premier Client Group. The Massachusetts Mutual Life Insurance Company acquired MetLife Premier Client Group in 2016.

At the start of the merger, MML Investors Services had about $206B in customer assets. And, approximately 8,100 registered representatives. It is a MassMutual subsidiary.

Our broker misconduct lawyers represent investors who have suffered investment losses. If you worked with MML Investors Services, seek legal advice today. We also can bring claims for former customers of MetLife Securities and MSI Financial Services.

Investors must now pursue damages from MML Investors Services. Contact us at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) today.

Recent Regulatory Actions Involving MML Investor Services December 2021: Firm Order to Pay Restitution to Customers in Collective $9.5M FINRA Fine

MML Investors Services and other firms were ordered by FINRA to collectively pay $9.5M in restitution to customers.

These broker-dealers allegedly failed to set up and maintain sufficient supervisory systems. These systems are designed to oversee the recommendations of registered representatives.

The recommendations, in question, were related to 529 tax-advantaged education savings plans. This was the firm’s second settlement involving 529 plans. The broker-dealer paid $1.8M in 2016 for failing to supervise the guidance its brokers received about these plans.

September 2021: MML Investors Services Failed to Supervise Its Brokers

Secretary of the Commonwealth of Massachusetts, William Galvin, fined MassMutual $4.75M. This fine was to settle claims that MML Investors Services failed to supervise its agents. This includes former broker Keith Gill (also known as “Roaring Kitty”) who promoted GameStop shares.

Galvin determined that the broker-dealer failed to review its financial advisors' social media or detect excessive trading in their accounts. $4M was to settle the allegations and $750K was because the firm didn’t register more than 470 of its broker-dealer agents.

September 2021: MML Investors Services Paid Over $2.1M in Penalties

MML Investors Services also paid over $2.1M in disgorgement and penalties to the US Securities and Exchange Commission (SEC). This fine was over alleged revenue-sharing violations.

The regulator claims that from October 2015 to February 2017, the broker-dealer received revenue that came from its clearing broker's no-transaction-fee (NTF) mutual fund program.

Also, from at least March 2015 to February 2017, MSI Financial Services (before the merger) allegedly benefited. Both firms are accused of not disclosing these arrangements, which were conflicts of interest.

MML Investors Services Brokers Who Have Been Accused of Misconduct or Negligence

September 2021: Former MML Investors Services financial advisor, Robert Joseph Boyer III was barred by FINRA following allegations that he set up multiple accounts for a customer without their permission.
May 2021: Barred by FINRA, ex-MML Investors Services broker Adam Belardino has been named in arbitration claims by customers that suffered investment losses.
January 2021: Ex-North Carolina financial advisor Gary Hammond is accused of engaging in selling away over $1.6M in private securities transactions. Hammond was barred by FINRA. He also used to be a broker with MSI Financial Services.
December 2020: https://brokercheck.finra.org/individual/summary/2659123 was accused of unsuitability related to life insurance policies purchased by his customers. Two claimants received settlements of $1.5M and $953K, respectively.
March 2019: Barred by the SEC, former Ft. Lauderdale broker Oscar Francis previously pleaded guilty and was sentenced to prison for wire fraud and scheming to defraud investors of about $665K. He also may have sold GPB private placements to customers. GPB Capital Holdings is accused of operating a more than $1.8B Ponzi scam.

Savvy Securities Law Firm That Zealously Advocates for Investors

Brokerage firms have a duty to properly supervise their financial advisors. Based on the regulatory claims and arbitration cases against its registered representatives, it is clear that MML Investors Services has a record of failing to supervise.

This has led to unsuitable investment recommendations, unauthorized transactions, and other alleged misconduct and negligence.

SSEK Law Firm has spent over 30 years representing investors in FINRA arbitration, litigation, and mediation. We have recovered many millions of dollars on our clients’ behalf. Call SSEK Law Firm at (800) 259-9010 or contact our broker-dealer negligence attorneys online today.

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