MML Investors Services Securities Attorney
Our securities attorneys enforce investor’s rights in securities and investment related disputes with their financial advisors, such as MML Investors Services LLC (MML). Securities misconduct includes many different types of brokerage activities ranging from breach of fiduciary duties to misappropriation, securities fraud, and unauthorized trading. Our firm can investigate your accounts and investment losses and find red flags and other misconduct.
MML is a division of Massachusetts Mutual Life Insurance Company (MassMutual) an American mutual life insurance company with 1,800 offices and 13 million clients worldwide. Mass Mutual is one of the largest life insurance companies globally. Whole life insurance is the company’s foundation but MassMutual also provides financial products such as life insurance, disability income insurance, long term care insurance, retirement plan services, and annuities.
On the securities side MassMutual Financial Group is the marketing name for the company’s affiliated companies including Babson Capital Management LLC; Baring Asset Management Limited; Cornerstone Real Estate Advisers LLC; Skylight Financial Group; The First Mercantile Trust Company; MassMutual International LLC; OppenheimerFunds, Inc.; and The MassMutual Trust Company.MML – By the Numbers:
- CRD# 10409
- SEC# 8-27250
- 13 Regulatory Events
- 1 Customer Complaints
- Revenue: $336 million - 2012
- Representatives: 4,571
FINRA v. MML Investors Services, LLC, AWC No. 2010020873501 – MML Investors Services, LLC was fined $300,000 by the Financial Industry Regulatory Authority (FINRA) and was required to review its supervisory systems and WSPs for compliance with its reporting obligations concerning the timely filing of Form U4 disclosure amendments and Uniform Termination Notices Forms U5 and Form U5 amendments. According to FINRA, MML failed to timely file Forms U5 and amendments to Forms U4 and U5. The findings stated that the firm’s failure to comply with its reporting obligations may have hampered the investing public’s ability to understand the background of those brokers, rendered certain information unavailable for firms making hiring determinations, and may have reduced the ability of state securities regulators to review applications by brokers to transfer firms.
FINRA v. MML Investors Services, LLC, AWC No. 2009017118601 – MML Investors Services, LLC was fined $125,000 by FINRA concerning allegations that the firm violated NASD Rules by failing to reasonably supervise its registered representatives in connection with unapproved sales of private securities. Thc firm's written supervisory procedures prohibited advisors from participating in private securities transactions without the prior written approval of the Chief Compliance Officer. Nonetheless, FINRA found that there were numerous red flags indicating that the firm’s brokers were engaged in selling away and that the firm did not reasonably monitor or review these indications. FINRA alleged that as a result of the firm's supervisory failures unapproved promissory notes were sold to investors. Among these investments, FINRA alleged that two brokers sold unapproved promissory notes to seven investors causing losses of $760,000 when the promissory notes discontinued interest payments and was later determined to be a Ponzi scheme.
Gana LLP has represented numerous clients in investment related disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.