FINRA BARS FORMER MML INVESTORS SERVICES BROKER BRIAN MICHAEL TRAVERS FOR REFUSING TO COOPERATE WITH FINRA INVESTIGATION

Home » FINRA BARS FORMER MML INVESTORS SERVICES BROKER BRIAN MICHAEL TRAVERS FOR REFUSING TO COOPERATE WITH FINRA INVESTIGATION

FINRA BARS FORMER MML INVESTORS SERVICES BROKER BRIAN MICHAEL TRAVERS FOR REFUSING TO COOPERATE WITH FINRA INVESTIGATION

FINRA BARS FORMER MML INVESTORS SERVICES BROKER BRIAN MICHAEL TRAVERS FOR REFUSING TO COOPERATE WITH FINRA INVESTIGATIONThe Frankowski Firm is investigating potential claims against MML Investors Services, Inc., of Springfield, Massachusetts. The firm has been the subject of ten regulatory actions within the past ten years, not including this month’s FINRA permanent bar of former MML broker Brian Michael Travers of Long Island, New York for failing to cooperate with FINRA’s investigation into his potential undisclosed outside business activities and private securities transactions while he was associated with MML.

In June, MML was censured and fined $750,000 by FINRA for its failure to maintain adequate storage of electronic records. In November 2016, MML was sanctioned by FINRA and fined over $1.8 million for its alleged failures to provide available sales charge waivers to retirement plan and charitable organization customers. FINRA found that these eligible customers were instead sold Class A shares with a front-end sales charge or were sold Class B or C shares with back-end sales charges and high fees and expenses.

FINRA ordered the firm to pay over $1.8 million as restitution to eligible customers and to take steps to ensure that appropriate retirement and charitable waivers were appropriately applied to all future transactions.

If you or someone you know lost money as the result of unsuitable or misrepresented investments recommended by an MML Investors Services broker, please call the Frankowski Firm at 888.741.7503 or fill out this contact form.

By |December 28th, 2017|FINRA|

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