MML Investors Services

Investigation: Former MML Investor Services, LLC Broker, Oscar Francis, Reportedly Recommended GPB Capital Holdings to Customers – Fort Lauderdale, Florida

Published on: April 12, 2021 | by Iorio Altamirano

Iorio Altamirano LLP is currently investigating former MML Investor Services, LLC broker Oscar Francis, who reportedly recommended that his customers invest in private placement securities issued by GPB Capital. The GPB notes, which are private securities offerings exempt from registration with the Securities and Exchange Commission (SEC), are inherently risky investments. These investments are suitable only for highly sophisticated investors who understand the risks and can afford a significant monetary loss. Unfortunately, many brokerage firms and brokers sold the GPB Capital securities to retirees and unsophisticated investors because they paid a high up-front commission.

Mr. Francis was a broker at MML Investors Services, LLC, Inc. in Ft. Lauderdale, Florida, from July 2008 to May 2017. At that time, MML terminated his employment connected with an investigation into an undisclosed outside business activity, selling away, and an unauthorized non-securities life insurance transaction. In August 2018, Mr. Francis pleaded guilty to wire fraud after admitting that between June 25, 2012, and May 31, 2017, he devised a scheme to defraud at least eleven investors out of approximately $665,000. Mr. Francis was subsequently sentenced to 41 months in prison and ordered to pay over $420,000 in restitution to clients. In May 2019, he was also barred by the SEC from association from associating with any broker, dealer, or investment advisor.

Iorio Altamirano LLP is also investigating the sales practices and due diligence of MML Investors Services, LLC related to its sale of GPB Capital funds. It is believed, according to reports, that MML has been subjected to numerous lawsuits from customers in the form of FINRA securities arbitration claims to recover investment losses.

Broker Chad Mackland, Who Is Facing Felony Criminal Charges, BARRED by FINRA

Published on: March 23, 2021 | by Iorio Altamirano

The Financial Industry Regulatory Authority (“FINRA”) has barred broker Chad Mackland from the securities industry. Mr. Mackland was barred from the brokerage industry for refusing to cooperate with a FINRA investigation into alleged theft and fraudulent sales practices.

According to his BrokerCheck report, Mr. Mackland is facing four felony charges in the District Court of Pottawattamie County in Iowa. He is accused of committing fraudulent sales practices and theft by deception.

Mr. Mackland was associated with Lion Street Financial, LLC in Council Bluff, Iowa, from December 2018 to February 2020.

Neemit M. Shah Suspended for Six Months for Recommending Future Income Payments, LLC – Glen Allen, Virginia

Published on: November 23, 2020 | by Iorio Altamirano

In October 2020, FINRA suspended financial advisor Neemit M. Shah (CRD #4812480) for six months from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Shah’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between March 2016 and April 2016, Neemit Shah participated in private securities transactions totaling $408,000, without prior disclosure and approval from his employer at the time, MML Investors Services, LLC. Specifically, FINRA alleged:

From March through April 2016, Shah solicited investors to purchase $408,000 in securities of Future Income Payments, LLC.

Micah W. Patterson Was Suspended for One Month for Soliciting Future Income Payments, LLC – Centerville, Utah

Published on: November 23, 2020 | by Iorio Altamirano

In June 2020, FINRA suspended financial advisor Micha W. Patterson (CRD #5562392) for one month from the securities industry and ordered him to pay a $5,000 fine. These sanctions arose from Mr. Patterson’s solicitation of Future Income Payments, LLC. This blog has previously written about Future Income Payments, LLC.

FINRA alleged that between June 2017 and November 2017, Micah Patterson participated in private securities transactions totaling $30,644 without prior disclosure and approval from his employer at the time, MML Investors Services, LLC. Specifically, FINRA alleged:

From June through November 2017, Patterson solicited an investor to purchase $30,644 in securities of Future Income Payments, LLC.