Did you suffer investment losses with MML Investors Services (CRD# 10409) (SEC# 801-44264, 8-27250)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with MML Investors Services. If you suffered losses investing with MML Investors Services, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of June 6, 2020, MML Investors Services’s FINRA BrokerCheck Report contains the following:
17 Regulatory Event Disclosures
1 Arbitration Disclosures
2 Bond Disclosures
UPDATE 6/19/2020: According to FINRA’s May 2020 Disciplinary Actions: MML Investors Services, LLC (CRD #10409, Springfield, Massachusetts) March 20, 2020 – An AWC was issued in which the firm was censured and fined $75,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to prevent certain registered and associated persons who had been terminated from the firm from continuing to access customer records and information, including non-public personal information, in violation of the U.S. Securities and Exchange Commission’s (SEC) Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Personal Information. The findings stated that the firm’s parent company entered into an agreement and acquired a FINRA member firm from its parent insurance company. The firm failed to ensure that access to a third-party system was limited to only those former representatives of the acquired firm for whom access was agreed to be given. As a result, additional former representatives and associated persons of the acquired firm had access to the third-party system after the acquisition. Because the firm was unaware that these additional representatives and associated persons had access to the third-party system after the acquisition, it did not notify the parent insurance company when those representatives and associated persons ceased to be associated with the firm. As a result, the parent insurance company did not timely shut off these former firm representatives’ and associated persons’ access to the third-party system. (FINRA Case #2017056520301)
Main Office Location
1295 STATE STREET
SPRINGFIELD, MA 01111-0001
1295 STATE STREET
SPRINGFIELD, MA 01111-0001
Business Telephone Number
MML Investors Services’s Direct Owners and Executive Officers
MASSMUTUAL HOLDING LLC, MEMBER
BAUER, THOMAS K (CRD#:4759472), CHIEF TECHNOLOGY OFFICER
BENSON, WENDY ANN (CRD#:2140720), PRESIDENT AND DIRECTOR
CHICARES, ELIZABETH WARD (CRD#:2194754), DIRECTOR
CRADDOCK, GEOFFREY (CRD#:1444771), DIRECTOR
FANNING, MICHAEL ROBERT (CRD#:1620072), DIRECTOR
HALL, NATHAN L (CRD#:6072737), CHIEF FINANCIAL OFFICER AND TREASURER
HOLTZER, DAVID MICHAEL (CRD#:4345697), FIELD RISK OFFICER
MINK, DAVID MYERS (CRD#:2606831), VICE PRESIDENT AND CHIEF OPERATIONS OFFICER
MONROE, WILLIAM FRANCIS JR (CRD#:1175808), VP, CHIEF PRODUCT AND SERVICES OFFICER, REGISTERED OPTIONS PRINCIPAL
ROSENTHAL, ROBERT STEVEN (CRD#:2590788), CHIEF LEGAL OFFICER; VICE PRESIDENT, ASSOC. GEN. COUNSEL & SECRETARY
SCANLON, SUSAN JOANN (CRD#:1371255), CHIEF COMPLIANCE OFFICER
VACCARO, JOHN ARTHUR (CRD#:2264004), CEO, CHAIRMAN OF THE BOARD
WILKINSON, MARY BEA (CRD#:2159909), VICE PRESIDENT
Due Diligence Requirement
FINRA requires broker-dealers to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Broker-Dealers that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
Formerly Known As, Aliases, and Affiliates
CONCORDE FINANCIAL ADVISORS, HFG ADVISORS, IN GOOD COMPANY, MASSMUTUAL FINANCIAL GROUP, MML PLAN SOLUTIONS, THE ESTABLISHMENT, THE ESTABLISHMENT BY BARNUM FINANCIAL GROUP, THE ESTABLISHMENT BY MASSMUTUAL, CONCORDE FINANCIAL ADVISORS, HFG ADVISORS, IN GOOD COMPANY, MASSMUTUAL FINANCIAL GROUP, MML PLAN SOLUTIONS, THE ESTABLISHMENT, THE ESTABLISHMENT BY BARNUM FINANCIAL GROUP, THE ESTABLISHMENT BY MASSMUTUAL